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Sébastien Rouillon edited sectionExtensions__T.tex
over 8 years ago
Commit id: b6ea5841afc76c2bfcb74323090d1ea34097a182
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\end{equation}
From this, we can calculate the \textit{ex ante} expected social surplus\footnote{The calculus is not different from the one used in Section 5. See the Appendix. Clearly, we verify that $s^{*}\left(b,k\right)=s^{1}\left(b,k\right)$.}
$$ \begin{equation}
s^{n}\left(b,k\right)=
\left(b-\frac{1}{2}\right)
+\frac{\left(1-k\right)^{2}}{2n\left(b-k\right)+\left(1-k\right)^{2}}\left(\frac{1}{2}-2b+k+\frac{1}{3}b^{2}f\left(\frac{k}{b}\right)\right).
\label{eq:sn}
$$ \end{equation}
\bigskip{}