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@