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Finally, Panel D shows that a decrease in the standard deviation (sigma ) of the bank's investment return shifts to the left the reaction function of the central supervisor and shifts down the reaction function of the local supervisor, leading to a reduction in the equilibrium effort of at least one of the two supervisors although in the numerical results both (e_{c}^) and (e_{l}^) go down.
Panel C shows that an increase in the expected return (overline{R}) of the bank's investment shifts to the left the reaction function of the central supervisor and shifts down the reaction function of the local supervisor, leading to a reduction in the equilibrium effort of at least one of the two supervisors although in the numerical results both (e_{c}^) and ( e_{l}^) go down.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com