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In tuckman evolution of short term rates for 3 years ZCB, while computing the today's price we took risk premium into consideration... but when we are computing expected returns he computed p(2,2) as 1000/1.18 instead of 18.4% ....please clarify on that

Hi david.. Could u help with the concept behind the non negative default correlation used in modelling credit risk...from the extract," we oftern set all the pairwise correlation equal to a single parameter" That single parameter is market factor right?? And why it should be non negative and...