The Variation of Certain Speculative Prices

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