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This Paper Provides a Rationale for the Difference Between Contract and Spot Prices Which Is Not Based on Risk Aversion …
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Prices. the Second Part of the Paper Deals with the Econometric Implications of the Model. the Consumption and Portfolio … Consumption, Portfolio Decisions, Output and Asset Prices Are Stationary. We Formulate a Gaussian Model, Very Similar to Hansen …
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with Short-Run Fluctuations Due to Entry and Exhaustion of Deposits. the Cyclicality of Resource Prices Is Reinforced by …
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