RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach Equation (1)

A m,t = A ¯ + ε m,t A ˜ m,t = A ¯ ε m,t MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaWGbbWaaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaGccqGH9aqpceWGbbGbaebacqGHRaWkcqaH1oqzdaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaOqaaiqadgeagaacamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaOGaeyypa0JabmyqayaaraGaeyOeI0IaeqyTdu2aaSbaaSqaaiaad2gacaGGSaGaamiDaaqabaaaaaa@4BB5@