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Download the report - Femise

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means that<br />

So if , <strong>the</strong>n: > which is always true since<br />

always holds.<br />

However, when , <strong>the</strong>n meaning that:<br />

.<br />

So, condition is always true since we have:<br />

.<br />

So, <strong>the</strong> results depend on whe<strong>the</strong>r is positive or negative. The necessary<br />

condition to have is since .<br />

Demo 3: Optimal emigration rate under risk neutrality<br />

When ,<br />

So,<br />

!<br />

Demo 4: Sign of <strong>the</strong> first derivative of<br />

! "%(!

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