RBA Annual Conference – 2018 Equation (2)

(r_{E} + r_{C}) (1 - \sum_{j} α_{j}) = \sum_{i} (r_{A, i} - r_{C}) β_{i} - \sum_{j} (r_{L, j} - r_{C}) α_{j} + (f - c) - \sum_{i} p_{i} (1 + r_{A, i}) β_{i}