LaTeX Forum

 
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\begin{alignat}{2}
&\max_{c^{1}_{1},c^{2}_{2}}  \mathbb{E}(u(c^{1}_{1},c^{2}_{2}) & \hspace{2.5cm} \Longleftrightarrow & \hspace{2cm} \max_{c^{1}_{1},c^{2}_{2}} \pi_{1} u(c^{1}_{1}) + (1-\pi_{1}) \rho u(c^{2}_{1} + c^{2}_{2})\\ 
\mathrm{s.t.} &\, c^{1}_{1}=(1-I) + pRI &  \mathrm{s.t.} c^{1}_{1}=pc^{2}_{2} \notag \\ 
& \,c^{2}_{2}=\dfrac{(1-I)}{p}+RI \notag
\end{alignat} 
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