15The constraint is imposed by calculating a discount factor 
where the GIC holds with equality.
Then the estimation can pick how close to this value the largest discount factor is by estimating 
and setting
the largest discount factor to 
.
15The constraint is imposed by calculating a discount factor where the GIC holds with equality.
Then the estimation can pick how close to this value the largest discount factor is by estimating and setting
the largest discount factor to .