RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach
Equation (A2)
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
)
f
m
,
t
+
(
1
−
M
(
y
m
,
t
)
)
y
m
,
t
−
D
˜
(
y
m
,
t
)
max
(
0
,
Z
−
[
y
m
,
t
−
f
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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@D46C@