12This will hold true iff the numerator on the LHS of (19) is a positive finite number; for this, we we need the condition:

Γ ρ(R β)−1 − (1− ℧) > 0 ρ Γ > (R( β(1 − ℧)) ) 1 > (Rβ(1−-℧-))1∕ρ = ÞÞÞ (1− ℧ )1∕ρ. Γ ΦΦΦ
(21)