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=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaamiCamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaOGaeyypa0JaeqOSdiMaamyramaaBaaaleaacaWG0baabeaakmaadmaabaWaaSaaaeaaceWG1bGbauaadaqadaqaaiaadogadaWgaaWcbaGaamyBaiaacYcacaWG0bGaey4kaSIaaGymaaqabaaakiaawIcacaGLPaaaaeaaceWG1bGbauaadaqadaqaaiaadogadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaOGaayjkaiaawMcaaaaadaqadaqaaiaadchadaWgaaWcbaGaamyBaiaacYcacaWG0bGaey4kaSIaaGymaaqabaGccqGHRaWkdaqadaqaaiaaigdacqGHsislcqaH7oaBdaWgaaWcbaGaamyBaaqabaaakiaawIcacaGLPaaacaWGMbWaaSbaaSqaaiaad2gacaGGSaGaamiDaiabgUcaRiaaigdaaeqaaOGaey4kaSIaeq4UdW2aaSbaaSqaaiaad2gaaeqaaOWaamWaaeaafaqaaeWabaaabaGaamytamaabmaabaGaamyEamaaBaaaleaacaWGTbGaaiilaiaadshacqGHRaWkcaaIXaaabeaaaOGaayjkaiaawMcaaiaadMhadaWgaaWcbaGaamyBaiaacYcacaWG0bGaey4kaSIaaGymaaqabaGccqGHRaWkdaqadaqaaiaaigdacqGHsislcaWGnbWaaeWaaeaacaWG5bWaaSbaaSqaaiaad2gacaGGSaGaamiDaiabgUcaRiaaigdaaeqaaaGccaGLOaGaayzkaaaacaGLOaGaayzkaaGaamOzamaaBaaaleaacaWGTbGaaiilaiaadshacqGHRaWkcaaIXaaabeaaaOqaaiabgUcaRiaadseadaqadaqaaiaadMhadaWgaaWcbaGaamyBaiaacYcacaWG0bGaey4kaSIaaGymaaqabaaakiaawIcacaGLPaaacaqGTbGaaeyyaiaabIhadaqadaqaaiaaicdacaGGSaGaamOwaiabgkHiTmaadmaabaGaamOzamaaBaaaleaacaWGTbGaaiilaiaadshacqGHRaWkcaaIXaaabeaakiabgkHiTiaadMhadaWgaaWcbaGaamyBaiaacYcacaWG0bGaey4kaSIaaGymaaqabaaakiaawUfacaGLDbaaaiaawIcacaGLPaaaaeaacqGHRaWkdaqadaqaaiaaigdacqGHsislcaWGebWaaeWaaeaacaWG5bWaaSbaaSqaaiaad2gacaGGSaGaamiDaiabgUcaRiaaigdaaeqaaaGccaGLOaGaayzkaaaacaGLOaGaayzkaaGaamOwaaaaaiaawUfacaGLDbaaaiaawIcacaGLPaaaaiaawUfacaGLDbaacqGHsislcqaH7oaBdaWgaaWcbaGaamyBaaqabaGccaWGAbaaaa@B50B@