If p i t f ′ k i t+1)>p i t+1, then the optimal level of land holding, x i t, satisfiesh p it f ′ ( k it + 1 ) − p it + 1 W ( k it ) − x it p it f ′ ( k it + 1 ) + x it p it + 1 = A i u ′ ( A i x it ).
The first order condition implies that (a) If p i t f ′ k i t+1)>p i t+1, then the optimal level of land holding, x i t, satisfiesh p it f ′ ( k it + 1 ) − p it + 1 W ( k it ) − x it p it f ′ ( k it + 1 ) + x it p it + 1 = A i u ′ ( A i x it ).
The outcome E it was drawn from a Bernoulli distribution with a probability of occurrence of the event equal to p it, so that p it = P(E it = 1).
Because Nr p, q) = Nr q, p), it is possible to take p ≤ q.
It keeps score; it loathes the fit and finish of "Poetry," capital "P"; it is mean; it is vengeful.
Here's the thing about Ping: it probably won't be missed.
Since (q< p), it follows that ψ is coercive.
In view of the continuity of T i P, it yields that T i P p ∗ = p ∗. Since p ∗ ∈ C, it implies that T i p ∗ = p ∗.
Since necessarily P implies P, it follows that there are (literally!) many possible worlds.
This gives the result for (p=n) and for other (p) it follows easily from it.
