Proof.Clearly admits filtered colimits, as the
filtered colimit of finite colimit preserving functors itself
preserves finite colimits. This gives a map
which is evidently fully
faithful since, using the fact that the usual Yoneda embedding is
fully faithful and that mapping spaces between representables in
are computed as the limit
To show that this map is also essentially surjective, we must show
that any exact functor is ind-representable.
Consider the pullback
where the right vertical map is the stable Yoneda embedding.
We claim that the -category is filtered: to see this, let be
a finite simplicial set and a functor. Since both
and admit finite colimits and
both functors to preserve finite colimits,
we may extend to a colimit diagram
. In particular, this gives a cone on
, which shows that is a filtered
-category. Finally, since filtered colimits in
are computed pointwise, it follows that
is a colimit of the diagram
, which is to say
that it is ind-representable.
โ