RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach
Equation (17)
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
)
y
m
,
t
+
1
+
(
1
−
M
(
y
m
,
t
+
1
)
)
f
m
,
t
+
1
+
D
(
y
m
,
t
+
1
)
max
(
0
,
Z
−
[
f
m
,
t
+
1
−
y
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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@B50B@