RDP 8707: Asymmetric Information and Bid-Ask Spreads in the Eurocurrency Markets Equation

\begin{array}{l} (ii) & \frac{dσ}{dc} - \frac{1}{2 σ} \\ Therefore \frac{dk}{dc} - \frac{h}{σ} [\frac{1}{2} - \frac{1}{1 - Rg' (h)}] < 0. \end{array}