{"id":"https://openalex.org/W2055475402","doi":"https://doi.org/10.1093/rfs/3.4.677","title":"Risk Aversion and the Intertemporal Behavior of Asset Prices","display_name":"Risk Aversion and the Intertemporal Behavior of Asset Prices","publication_year":1990,"publication_date":"1990-10-01","ids":{"openalex":"https://openalex.org/W2055475402","doi":"https://doi.org/10.1093/rfs/3.4.677","mag":"2055475402"},"language":"en","primary_location":{"id":"doi:10.1093/rfs/3.4.677","doi":"https://doi.org/10.1093/rfs/3.4.677","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/3.4.677","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5112052164","display_name":"Richard C. Stapleton","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I67415387","display_name":"Lancaster University","ror":"https://ror.org/04f2nsd36","country_code":"GB","type":"education","lineage":["https://openalex.org/I67415387"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"R. C. Stapleton","raw_affiliation_strings":["Department of Finance, Management School, Lancaster University, Lancaster LA1 4YX, UK"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance, Management School, Lancaster University, Lancaster LA1 4YX, UK","institution_ids":["https://openalex.org/I67415387"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5004260744","display_name":"Marti G. Subrahmanyam","orcid":"https://orcid.org/0000-0001-9291-1124","observed_orcids":["https://orcid.org/0000-0001-9291-1124"]},"institutions":[{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"M. G. Subrahmanyam","raw_affiliation_strings":["New York University, New York, USA","New York University, New York#N#, #N#USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"New York University, New York, USA","institution_ids":["https://openalex.org/I57206974"]},{"raw_affiliation_string":"New York University, New York#N#, #N#USA","institution_ids":["https://openalex.org/I57206974"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4028,"currency":"USD","value_usd":4028},"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":34,"citation_normalized_percentile":{"value":0.28509797,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":94},"biblio":{"volume":"3","issue":"4","first_page":"677","last_page":"693"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.8353999853134155,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.8353999853134155,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.07900000363588333,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.07729999721050262,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/risk-aversion","display_name":"risk aversion","score":0.9890000224113464},{"id":"https://openalex.org/keywords/intertemporal-asset-pricing","display_name":"intertemporal asset pricing","score":0.9179999828338623},{"id":"https://openalex.org/keywords/random-walks","display_name":"random walks","score":0.7519999742507935},{"id":"https://openalex.org/keywords/forward-prices","display_name":"forward prices","score":0.7540000081062317},{"id":"https://openalex.org/keywords/spot-prices","display_name":"spot prices","score":0.8809999823570251},{"id":"https://openalex.org/keywords/cash-flow","display_name":"cash flow","score":0.7559999823570251},{"id":"https://openalex.org/keywords/equivalent-martingale-measure","display_name":"equivalent martingale measure","score":0.9850000143051147},{"id":"https://openalex.org/keywords/state-dependence","display_name":"state dependence","score":0.6330000162124634},{"id":"https://openalex.org/keywords/geometric-random-walk","display_name":"geometric random walk","score":0.6019999980926514}],"concepts":[{"id":"https://openalex.org/C121194460","wikidata":"https://www.wikidata.org/wiki/Q856741","display_name":"Random walk","level":2,"score":0.7464756965637207},{"id":"https://openalex.org/C48406656","wikidata":"https://www.wikidata.org/wiki/Q534112","display_name":"Martingale (probability theory)","level":2,"score":0.7311136722564697},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.6410048007965088},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.636892557144165},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5913130640983582},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.5257713794708252},{"id":"https://openalex.org/C2777027219","wikidata":"https://www.wikidata.org/wiki/Q1284190","display_name":"Constant (computer programming)","level":2,"score":0.5059718489646912},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.41142815351486206},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.3472793698310852},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.32828059792518616},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.28114306926727295},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.16689422726631165},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.1279367208480835},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.11959344148635864},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1093/rfs/3.4.677","doi":"https://doi.org/10.1093/rfs/3.4.677","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/3.4.677","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Studies","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.49000000953674316,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":29,"referenced_works":["https://openalex.org/W1484799109","https://openalex.org/W1512416915","https://openalex.org/W1554166313","https://openalex.org/W1591559241","https://openalex.org/W1976020937","https://openalex.org/W1977831492","https://openalex.org/W1985018066","https://openalex.org/W1991782433","https://openalex.org/W2007650236","https://openalex.org/W2011400184","https://openalex.org/W2011696830","https://openalex.org/W2024440051","https://openalex.org/W2049758203","https://openalex.org/W2077791698","https://openalex.org/W2081845494","https://openalex.org/W2092704260","https://openalex.org/W2109753968","https://openalex.org/W2122221007","https://openalex.org/W2129605852","https://openalex.org/W2134807435","https://openalex.org/W2139657822","https://openalex.org/W2580645530","https://openalex.org/W3021444882","https://openalex.org/W3023688799","https://openalex.org/W4236461641","https://openalex.org/W4252707658","https://openalex.org/W4285719527","https://openalex.org/W6635392856","https://openalex.org/W6771808240"],"related_works":["https://openalex.org/W7045555427","https://openalex.org/W7064007942","https://openalex.org/W1580553463","https://openalex.org/W7100628554","https://openalex.org/W2011400184","https://openalex.org/W7095561546","https://openalex.org/W7097201247","https://openalex.org/W1989933399","https://openalex.org/W7073561272","https://openalex.org/W2953189217"],"abstract_inverted_index":{"In":[0],"this":[1],"article,":[2],"we":[3],"characterize":[4],"economies":[5],"in":[6,19],"which":[7,46,54],"both":[8],"cash":[9],"flows":[10],"and":[11,52],"forward":[12],"prices":[13,48],"follow":[14,49],"random":[15,24,50],"walks.":[16],"We":[17,40],"show":[18,42],"the":[20,27,30,35,43,55],"case":[21],"of":[22,29,34],"geometric":[23],"walks":[25,51],"that":[26],"preferences":[28],"representative":[31],"investor":[32],"are":[33],"constant":[36],"proportional":[37],"risk-aversion":[38],"type.":[39],"also":[41],"conditions":[44],"under":[45,53],"spot":[47],"equivalent":[56],"martingale":[57],"measure":[58],"is":[59],"non-state-dependent.":[60]},"counts_by_year":[{"year":2016,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}