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Online Link to this Reading: N/A
Topics Covered in this Reading:

Categorization of Approaches to Term Structure Modeling

Equilibrium Modeling

Risk Neutral Probabilities: The Derivative Pricing Probability Measure

Realistic Probabilities: The Estimated Market Probability Measure

When Do I Use Each of the Modeling Approaches?
 Risk Neutral and Arbitrage Free
 Risk Neutral and Equilibrium

Using Models of Borrower Behavior with a Risk Neutral Interest Rate Model
 Realistic and Arbitrage Free
 Realistic and Equilibrium

Summary of the Four Faces
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