Liquidity Preference Under Uncertainty a Model of Dynamic Investment in Illiqu
Liquidity Preference Under Uncertainty a Model of Dynamic Investment in Illiqu
Carliss Y Baldwin
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. . + r(^*)dt] m~l From (B-4) it is obvious that V* - V * is (1) positive and (2) strictly increasing for all m (therefore t) on the interval ((?, ■«' dt t->- 00 ■\G*[v*(t) - v*(t)] + -r*] (B-6a) lim fV^ _ tim t ^°° dt t ->-oo V[v^*(t) - v^*(t)] (B-6b) Substituting from (B-5) into the LHS of (B-6a) or (B-6b) and rearranging allows us to deduce the limiting value of v*(t) - V ^ (t) ; /i>/^^^ -^i'^^^^=w (B-7) [Recall that G* and r* appear as "constants" in (B-6a) and (B-6b), thus are not affected... by the limit passage in t] .
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