Let and parametrize the timelike geodesic by proper time . Time-translation and rotational symmetry conserve and in the equatorial plane. The normalized four-velocity obeysSubstitution and multiplication by give , orThe dot denotes a proper-time derivative, and are energy and angular momentum per unit rest mass.
At a circular orbit, . Differentiating the Schwarzschild effective potential at fixed givesA timelike circular orbit requires . Evaluating the second derivative after this substitution givesA stable nondegenerate minimum therefore requires . The boundary is the marginal innermost stable circular orbit, not a strict stable minimum.
For Alice's circular geodesic, the conserved quantities or radial geodesic equation give . ConsequentlyBob at rest far away has . Thus the ratio of ageing rates isFor Alice's stable orbit , the denominator factor exceeds , proving . Both gravitational time dilation and Alice's orbital motion enter this proper-time ratio.
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