Kamihigashi, Takashi - Economics Department, State University of New … - 2001
-time reduced-form model that does not assume differentiability, continuity, or concavity, and that imposes virtually no restriction … on the state spaces. The three results are further extended to a stochastic reduced-form model. The stochastic extensions … the deterministic model. We apply our stochastic results to a stochastic reduced-form model with homogeneous returns and a …