The Present Value Model of Rational Commodity Pricing
نویسندگان
چکیده
منابع مشابه
The Present Value Model of Rational Commodity
The present value model says that an asset's price equals the sum of current and future discounted expected future payoffs from ownership of the asset. I explore the limits of the present value 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 inventories, and it can be measured direc...
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ژورنال
عنوان ژورنال: The Economic Journal
سال: 1993
ISSN: 0013-0133
DOI: 10.2307/2234529