RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach
Equation (A1)
L
=
𝔼
0
∑
t
=
0
∞
β
t
{
u
(
c
m
,
t
)
+
μ
m
,
t
[
A
m
,
t
+
p
m
,
t
s
m
,
t
−
1
+
(
1
−
λ
m
)
f
m
,
t
s
m
,
t
−
1
+
λ
m
[
M
(
y
m
,
t
)
y
m
,
t
+
(
1
−
M
(
y
m
,
t
)
)
f
m
,
t
+
D
(
y
m
,
t
)
max
(
0
,
Z
−
[
f
m
,
t
−
y
m
,
t
]
)
+
(
1
−
D
(
y
m
,
t
)
)
Z
]
s
m
,
t
−
1
−
c
m
,
t
−
p
m
,
t
s
m
,
t
−
λ
m
s
m
,
t
Z
−
λ
m
D
F
t
]
}
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@D3BC@