Both the index duration and the spread duration are the decreasing functions of the discountmargin.
利率久期和利差久期都是贴现利差的递减函数。
2
First, assume the discount applies solely to the low-margin good.
首先,假设折扣完全针对低利润产品。
3
Actually most companies base their model on a 60% margin, which would lead to a 2.6x multiplier, but I'm applying a bit of a discount to capture that initial Maker altruism.