... convex in (S, V ).(ii) F is locally strictly concave in T, locally strictly convex in V .(iii) H is locally strictly concave in P, locally strictly convex in S.(iv) G is locally strictly concave ... ,Xk , ), ,Xk , )for all W, X1 , ,Xm. HenceλEA+(1− λ)EB= E(S(λEA+(1− λ)EB , , XAk+(1 − λ)XBk , ), , XAk+(1− λ)XBk , )≥ E(λS(EA , ,XkA , )+(1 − λ)S(EB , ,XBk , ), , XAk+(1− ... functionof (S, X1 , ,Xm).(5)To verify (5 ), take any SA,SB,XA1 , ,XAm,XB1 , ,XBm , and 0 <λ<1. DefineEA:= E(SA,XA1 , ,XAm)EB:= E(SB,XB1 , ,XBm);so...