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lectures/pv.md
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<!-- #region -->
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-## Present Values
+# Present Values
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+## Overview for present value calculations
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This lecture describes the **present value model** that is a starting point
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of much asset pricing theory.
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$$
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-#### More about bubbles
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+## More about bubbles
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For a few moments, let's focus on the special case of an asset that will never pay dividends, in which case
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@@ -157,7 +158,7 @@ p_t = c \delta^{-t}
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$$ (eq:bubble)
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-#### Gross rate of return
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+## Gross rate of return
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Define the gross rate of return on holding the asset from period $t$ to period $t+1$
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as
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