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RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach
Equation (25)
max
{
{
c
m
,
t
,
c
˜
m
,
t
,
s
m
,
t
,
s
˜
m
,
t
}
m
∈
[
0
,
1
]
}
t
=
0
∞
𝔼
0
[
∑
t
=
0
∞
β
t
∫
0
1
u
(
c
m
,
t
)
+
u
(
c
˜
m
,
t
)
d
m
]
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaWaaCbeaeaacaqGTbGaaeyyaiaabIhaaSqaamaacmaabaWaaiWaaeaacaWGJbWaaSbaaWqaaiaad2gacaGGSaGaamiDaaqabaWccaGGSaGabm4yayaaiaWaaSbaaWqaaiaad2gacaGGSaGaamiDaaqabaWccaGGSaGaam4CamaaBaaameaacaWGTbGaaiilaiaadshaaeqaaSGaaiilaiqadohagaacamaaBaaameaacaWGTbGaaiilaiaadshaaeqaaaWccaGL7bGaayzFaaWaaSbaaWqaaiaad2gacqGHiiIZdaWadaqaaiaaicdacaGGSaGaaGymaaGaay5waiaaw2faaaqabaaaliaawUhacaGL9baadaqhaaadbaGaamiDaiabg2da9iaaicdaaeaacqGHEisPaaaaleqaaOGaamyramaaBaaaleaacaaIWaaabeaakmaadmaabaWaaabCaeaacqaHYoGydaahaaWcbeqaaiaadshaaaGcdaWdXaqaaiaadwhadaqadaqaaiaadogadaWgaaWcbaGaamyBaiaacYcacaWG0baabeaaaOGaayjkaiaawMcaaiabgUcaRiaadwhadaqadaqaaiqadogagaacamaaBaaaleaacaWGTbGaaiilaiaadshaaeqaaaGccaGLOaGaayzkaaGaamizaiaad2gaaSqaaiaaicdaaeaacaaIXaaaniabgUIiYdaaleaacaWG0bGaeyypa0JaaGimaaqaaiabg6HiLcqdcqGHris5aaGccaGLBbGaayzxaaaaaa@799F@