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RDP 2016-07: The Efficiency of Central Clearing: A Segmented Markets Approach
Equation (8)
p
m
,
t
=
β
𝔼
t
[
u
′
(
c
˜
m
,
t
+
1
)
u
′
(
c
˜
m
,
t
)
(
p
m
,
t
+
1
+
f
m
,
t
+
1
)
]
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