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Scarcity & Queues
Entry #0472
The reason a comeback is worth more than the original run
During the original run there was always next year. The absence removes that assumption, and the return is priced against the years it was unavailable.
Adept
The hidden part
#0472
A recurring option carries an assumed next time, which prices urgency at zero. Interruption withdraws the assumption and the return is priced against the gap.