The Present Value Model of Rational Commodity Pricing
收藏NBER1992-05-01 更新2025-01-04 收录
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https://www.nber.org/papers/w4083
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The present value model relates an asset's price to the sum of its discounted expected future payoffs. I explore the limits of the model by testing its ability to explain the pricing of storable commodities. For commodities the payoff stream is the convenience yield that accrues from holding
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美国国家经济研究局创建时间：
1992-05-01
