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\ETx(k,d) = {cases}
Eele ∗k+Efs ∗k∗d2, d ≤d0}\\
Eele ∗k+Emp ∗k∗d4, d > d0 (2)}\\
\end{cases}
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\begin{cases}
1 & \text{if bank $i$ issues ABs at time $t$}\\
2 & \text{if bank $i$ issues CBs at time $t$}\\
0 & \text{otherwise}
\end{cases}