RDP 2007-12: Dynamic Pricing and Imperfect Common Knowledge Equation (49)

E t [ π t ( 1 μ b ) π t + 1 μ b π t 1 κ m c t ] = 0 MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamyramaaBa aaleaacaWG0baabeaakmaadmaabaGaeqiWda3aaSbaaSqaaiaadsha aeqaaGGaaOGae8NeI0YaaeWaaeaacaaIXaGae8NeI0IaeqiVd02aaS baaSqaaiaadkgaaeqaaaGccaGLOaGaayzkaaGaeqiWda3aaSbaaSqa aiaadshacqGHRaWkcaaIXaaabeaakiab=jHiTiabeY7aTnaaBaaale aacaWGIbaabeaakiabec8aWnaaBaaaleaacaWG0bGae8NeI0IaaGym aaqabaGccqWFsislcqaH6oWAcaWGTbGaam4yamaaBaaaleaacaWG0b aabeaaaOGaay5waiaaw2faaiabg2da9iaaicdaaaa@57EA@