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RDP 8707: Asymmetric Information and Bid-Ask Spreads in the Eurocurrency Markets
Equation
(
i
)
dh
dc
−
dR
dc
g
(
h
)
+
Rg
′
(
h
)
dh
dc
dh
dc
−
[
1
1
−
Rg
′
(
h
)
]
[
g
(
h
)
(
−
σ
∈
2
)
σ
4
]
−
[
1
1
−
Rg
′
(
h
)
]
[
−
h
σ
2
]
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