... i ij U 9 c t R t 1fE U 9 c t 1 E t 1 Cov U 9 c t 1 , t 1 g 11 where Cov x, y is the covariance of x and y. ij i Under the assumption that t 1 and c t 1 are distributed bivariate normal, 11 is equivalent to i...