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RDP 2009-02: Competition Between Payment Systems
Equation (19)
U
i
,
j
;
j
c
=
M
{
h
i
c
D
i
,
~
j
m
+
h
j
c
D
j
,
~
i
m
+
h
j
c
D
i
,
j
m
}
−
f
i
c
−
f
j
c
=
M
{
h
j
c
D
j
m
+
h
i
c
D
i
,
~
j
m
−
f
i
c
/
M
−
f
j
c
/
M
}
.
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