Question: Verify the first and second equality in (9.105). (9.105) r=- log E[M,|Fi-1] =p+ y(g + (1 )(5 - $i-1)) ro?(1 + A(s81-1)) =p+ yg -

Verify the first and second equality in (9.105).

(9.105)

r=- log E[M,|Fi-1] =p+ y(g + (1 – ø)(5 - $i-1)) – ro?(1 + A(s81-1))² =p+ yg - (1 – $), =p+ yg - 2

r=- log E[M,|Fi-1] =p+ y(g + (1 )(5 - $i-1)) ro?(1 + A(s81-1)) =p+ yg - (1 $), =p+ yg - 2

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