RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach Equation (25)

max { { c m,t , c ˜ m,t , s m,t , s ˜ m,t } m[ 0,1 ] } t=0 𝔼 0 [ t=0 β t 0 1 u( c m,t )+u( c ˜ m,t )dm ] MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@799F@