it removes some of the uncertainty that agents face by reducing price or interest rate volatility. We consider two …

prices make a lognormal price process that nests the classic CAPM with a potential for endogenous bubbles through learning …, over- and under-pricing can be assessed, resulting in prompt positive or negative price adjustments toward the CAPM …

We consider the behavior of the price of a continuously stored commodity, for which discounted price is a non …-constant martingale, and thus not-predictable. We prove that the discounted price realization is within any given neighborhood of zero … path of discounted price realizations will lie permanently within any given neighborhood of zero beyond a finite state …