RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach Equation (20)

p m,t =β 𝔼 t [ u ( c ˜ m,t+1 ) u ( c ˜ m,t ) ] p m,t+1 +( 1 λ m ) f m,t+1 + λ m [ M( y m,t+1 ) f m,t+1 +( 1M( y m,t+1 ) ) y m,t+1 D ˜ ( y m,t+1 )max( 0,Z[ y m,t+1 f m,t+1 ] ) ( 1 D ˜ ( y m,t+1 ) )Z ]+ λ m Z MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@B3C9@