This paper presents a discrete random-field model for forward prices driven by the multivariate normal inverse Gaussian distribution. The model captures the idiosyncratic risk and adequately addresses ...

When employing a multivariate model, a user changes the value of ... For example, the most common one is a normal distribution, also known as a bell curve. In a normal distribution, all the ...

Instead, we develop a multivariate model for ordinal ... The natural choice for the distribution of y is the normal distribution, under which the model is called the probit model.