Which one of the following four statements on models for estimating volatility is incorrect?
a. In the RiskMatericsTM EWMA model. some positive weight is assigned to the long-run average variance rate.
b. In the RiskMetricsTM EWMA model. the weights assigned to observations decrease exponentially as the observations become older.
c. In the GARCH (1.1) model. a positive weight is estimated for the long-run average variance rate.
d. In the GARCH (1.1) model. the weights estimated for observations decrease exponentially as the observations become older.
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