# The Variation of Certain Speculative Prices

## 1963

Joint distribution of successive price relatives L(t, 1) and L(t + 1, 1) under two alternative models. If L(t, 1) and L(t + 1, 1) are independent, they should be plotted along the horizontal and vertical coordinate axes. If L(t, 1) and L(t + 1, 1) are linked by the model in Section VII, they should be plotted along the bisectrixes, or else the above figure should be rotated by 45° before L(t, 1) and L(t + 1, 1) are plotted along the coordinate axes

(Mandelbrot, 1963)

Mandelbrot, B. (1963) ‘The Variation of Certain Speculative Prices’, *The Journal of Business*, 36(4), pp. 394–419. Available at: [link]

RYBN (2015) *ADMXI*. Available at: [link]