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RDP 8707: Asymmetric Information and Bid-Ask Spreads in the Eurocurrency Markets
Equation (4)
E
(
v
|
η
,
ε
)
−
A
a
σ
u
2
−
x
>
0
i
.
e
.
ε
>
a
σ
u
2
x
+
k
where
k
=
E
(
ε
|
ε
−
a
σ
u
2
x
>
k
)
.
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