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RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach
Equation (26)
W
=
𝔼
[
∑
t
=
0
∞
β
t
∫
0
1
u
(
c
m
)
+
u
(
c
˜
m
)
d
m
]
MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaam4vaiabg2da9iaadweadaWadaqaamaaqahabaGaeqOSdi2aaWbaaSqabeaacaWG0baaaOWaa8qmaeaacaWG1bWaaeWaaeaacaWGJbWaaSbaaSqaaiaad2gaaeqaaaGccaGLOaGaayzkaaGaey4kaSIaamyDamaabmaabaGabm4yayaaiaWaaSbaaSqaaiaad2gaaeqaaaGccaGLOaGaayzkaaGaamizaiaad2gaaSqaaiaaicdaaeaacaaIXaaaniabgUIiYdaaleaacaWG0bGaeyypa0JaaGimaaqaaiabg6HiLcqdcqGHris5aaGccaGLBbGaayzxaaaaaa@5369@