. Discount factors specifications are flexible enough to allow for equity-like volatility. Heterogeneous investors differ in … time-varying discount rates in explaining the volatility of these commodities over our sample period …

This study develops and estimates a stochastic volatility model of commodity prices that nests many of the previous … models in the literature. The model is an affine three-factor model with one state variable driving the volatility and is … its volatility, and the volatility and convenience yield. It allows for expected mean-reversion in the short term and for …