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small update to pv
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lectures/pv.md

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@@ -44,7 +44,7 @@ $$ (eq:Euler1)
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This is a "cost equals benefits" formula.
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It says that the cost of buying the asset today equals the reward for holding it
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for one period (which is the dividend $d_t$)and then selling it, at $t+1$.
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for one period (which is the dividend $d_t$) and then selling it, at $t+1$.
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The future value $p_{t+1}$ is discounted using $\delta$ to shift it to a present value, so it is comparable with $d_t$ and $p_t$.
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@@ -365,7 +365,7 @@ $$
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\end{bmatrix}
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$$ (eq:pieq2)
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Evidently, if $p_{T+1}^* = 0$, a price vector $\vec p$ of with all entries zero
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Evidently, if $p_{T+1}^* = 0$, a price vector $p$ of with all entries zero
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solves this equation and the only the **fundamental** component of our pricing
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formula {eq}`eq:ptpveq` is present.
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