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RISK TAKING AND OPTIMAL CONTRACTS FOR MONEY ... - CEPR

Van- - (aoan=1 + alan-2 + * . + an-2a, + a,1laO); thus Va,=-2 * a2, Va2= 5aoa1, Va3=6aOa2 + 3a. and the value of V is therefore. -2- * a'aa, + +aJalaa6 + - 6-- ...



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