1998
DOI: 10.1111/1467-9965.00046
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Ergodicity, State Prices, and Long Bond Returns

Abstract: We present an analysis of price systems in securities markets with infinitely many time periods and infinitely many uncertain states of the world. A key result is that a Markov price system (MPS) has a unique representation in terms of the returns on a known set of bonds. The result implies that securities prices are the discounted value of dividends, where discount factors are the reciprocal of the returns on a long-horizon discount bond. Copyright Blackwell Publishers 1998.

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“…Diethylnitrosamine (DEN) (C4H10N2O molecular weight 102.1350) was dissolved in a saline solution before administration [17] and Ebselen (C13H9NOSe molar mass 274.17666 g/mole) was dissolved in distilled water before treatment [18]. All chemicals were obtained and purchased from Sigma-Aldrich, St. Louis, MO Company.…”
Section: Chemicalsmentioning
confidence: 99%
“…Diethylnitrosamine (DEN) (C4H10N2O molecular weight 102.1350) was dissolved in a saline solution before administration [17] and Ebselen (C13H9NOSe molar mass 274.17666 g/mole) was dissolved in distilled water before treatment [18]. All chemicals were obtained and purchased from Sigma-Aldrich, St. Louis, MO Company.…”
Section: Chemicalsmentioning
confidence: 99%