Let K be a field, v a valuation on K, Γ its order group, Γ′ a totally ordered group containing Γ and ξ an element of Γ′. There exists a unique valuation w on K(X) such that, for P=∑jajXj (aj∈K), w(P)=infj(v(aj)+jξ).
By Proposition 4 of § 3, no. 2, it suffices to show that the formula
w(j∑ajXj)=jinf(v(aj)+jξ)
defines a valuation on the ring K[X]. As
v(aj+bj)+jξ≥inf(v(aj),v(bj))+jξ=inf(v(aj)+jξ,v(bj)+jξ),
it follows that
w(P+Q)≥inf(w(P),w(Q))
for P,Q in K[X], equality holding if w(P)=w(Q). We show that
w(PQ)=w(P)+w(Q)
for P=∑ajXj and Q=∑bjXj. Let i (resp. k) be the least of the integers j such that v(aj)+jξ (resp. v(bj)+jξ) attains its minimum; let a (resp. β) denote this minimum. For j,j′ in N,
w(ajbj′Xj+j′)=v(aj)+jξ+v(bj′)+j′ξ≥a+β,
whence w(PQ)≥a+β by (2). Consider now the term cXi+k of degree i+k in PQ; then c=∑n∈Zai+nbk−n; by the choice of i and k, the element
w(ai+nbk−nXi+k)=v(ai+n)+(i+n)ξ+v(bk−n)+(k−n)ξ
takes its minimum value a+β once and once only with n=0; hence w(cXi+k)=a+β, whence, by (1),
w(PQ)=α+β=w(P)+w(Q).
Bourbaki puts the proof directly after the statement, so what is above is the statement and its proof together.