The problem with this kind of reasoning (as the OP makes plain) is that there’s no good reason to think such CEV maximization is even logically possible. Not only do we not have a solution, we don’t have a well-defined problem.
The problem with this kind of reasoning (as the OP makes plain) is that there’s no good reason to think such CEV maximization is even logically possible. Not only do we not have a solution, we don’t have a well-defined problem.