Coinciding with an Olympics-related family discussion that we had yesterday on the meaning of the expression power play, we had a long and informative talk today by Vladimir Vinogradov about the Power-Variance Family - a rich class of processes that can be used to model equity prices.
And on a completely unrelated note, via Brad DeLong, I can't avoid noticing that John Cochrane is sounding weirder and weirder by the day. In my formative years I attempted to read his Asset Pricing book and gave up thinking it was simply badly written, but it is becoming obvious that the confusing and obscure writing style is merely a reflection of a muddled world view.
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