{"id":"https://openalex.org/W7221526388","doi":"https://doi.org/10.3390/math14203678","title":"Surplus Utility and Intertemporal Asset Pricing","display_name":"Surplus Utility and Intertemporal Asset Pricing","publication_year":2026,"publication_date":"2026-10-10","ids":{"openalex":"https://openalex.org/W7221526388","doi":"https://doi.org/10.3390/math14203678"},"language":"en","primary_location":{"id":"doi:10.3390/math14203678","doi":"https://doi.org/10.3390/math14203678","is_oa":true,"landing_page_url":"https://doi.org/10.3390/math14203678","pdf_url":null,"source":{"id":"https://openalex.org/S4210192031","display_name":"Mathematics","issn_l":"2227-7390","issn":["2227-7390"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","poland-20","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Mathematics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.3390/math14203678","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5079475337","display_name":"Hyeon Park","orcid":"https://orcid.org/0000-0002-2731-2958","observed_orcids":["https://orcid.org/0000-0002-2731-2958"]},"institutions":[{"id":"https://openalex.org/I55707380","display_name":"Manhattan University","ror":"https://ror.org/02xhnzg94","country_code":"US","type":"education","lineage":["https://openalex.org/I55707380"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Hyeon Park","raw_affiliation_strings":["Department of Economics and Finance, Manhattan University, Riverdale, NY 10471, USA"],"raw_orcid":"https://orcid.org/0000-0002-2731-2958","affiliations":[{"raw_affiliation_string":"Department of Economics and Finance, Manhattan University, Riverdale, NY 10471, USA","institution_ids":["https://openalex.org/I55707380"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5079475337"],"corresponding_institution_ids":["https://openalex.org/I55707380"],"apc_list":{"value":2600,"currency":"CHF","value_usd":3137},"apc_paid":{"value":2600,"currency":"CHF","value_usd":3137},"fwci":6.1704,"has_fulltext":false,"cited_by_count":1,"citation_normalized_percentile":{"value":0.96503667,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":91,"max":95},"biblio":{"volume":"14","issue":"20","first_page":"3678","last_page":"3678"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.3546999990940094,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.3546999990940094,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.2847000062465668,"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":0.2653999924659729,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/reference-dependent-preferences","display_name":"reference-dependent preferences","score":0.902999997138977},{"id":"https://openalex.org/keywords/stochastic-discount-factor","display_name":"stochastic discount factor","score":0.8619999885559082},{"id":"https://openalex.org/keywords/equity-premium","display_name":"equity premium","score":0.8830000162124634},{"id":"https://openalex.org/keywords/loss-aversion","display_name":"loss aversion","score":0.9559999704360962},{"id":"https://openalex.org/keywords/permanent-income-hypothesis","display_name":"permanent income hypothesis","score":0.8569999933242798},{"id":"https://openalex.org/keywords/habit-formation","display_name":"habit formation","score":0.4320000112056732},{"id":"https://openalex.org/keywords/analytical-solution","display_name":"analytical solution","score":0.421999990940094}],"concepts":[{"id":"https://openalex.org/C33175817","wikidata":"https://www.wikidata.org/wiki/Q3740200","display_name":"Stochastic discount factor","level":3,"score":0.8141000270843506},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7773000001907349},{"id":"https://openalex.org/C101161028","wikidata":"https://www.wikidata.org/wiki/Q129096","display_name":"Equity premium puzzle","level":3,"score":0.7706999778747559},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.598800003528595},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.582099974155426},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.5393000245094299},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.45329999923706055},{"id":"https://openalex.org/C151541453","wikidata":"https://www.wikidata.org/wiki/Q523022","display_name":"Risk premium","level":2,"score":0.4494999945163727},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.44749999046325684},{"id":"https://openalex.org/C2778174566","wikidata":"https://www.wikidata.org/wiki/Q2874240","display_name":"Loss aversion","level":2,"score":0.4307999908924103},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.4284000098705292},{"id":"https://openalex.org/C167626555","wikidata":"https://www.wikidata.org/wiki/Q5164759","display_name":"Consumption-based capital asset pricing model","level":3,"score":0.42730000615119934},{"id":"https://openalex.org/C6177178","wikidata":"https://www.wikidata.org/wiki/Q10998070","display_name":"Discounting","level":2,"score":0.39750000834465027},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.3871000111103058},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.3465000092983246},{"id":"https://openalex.org/C138551086","wikidata":"https://www.wikidata.org/wiki/Q842271","display_name":"Marginal utility","level":2,"score":0.31529998779296875},{"id":"https://openalex.org/C167393938","wikidata":"https://www.wikidata.org/wiki/Q268617","display_name":"Economic surplus","level":3,"score":0.31470000743865967},{"id":"https://openalex.org/C2781133197","wikidata":"https://www.wikidata.org/wiki/Q1502025","display_name":"Intergenerational equity","level":3,"score":0.2809999883174896},{"id":"https://openalex.org/C169029255","wikidata":"https://www.wikidata.org/wiki/Q4867577","display_name":"Basis risk","level":3,"score":0.2678999900817871}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3390/math14203678","doi":"https://doi.org/10.3390/math14203678","is_oa":true,"landing_page_url":"https://doi.org/10.3390/math14203678","pdf_url":null,"source":{"id":"https://openalex.org/S4210192031","display_name":"Mathematics","issn_l":"2227-7390","issn":["2227-7390"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","poland-20","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Mathematics","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:3803449aff4845c7a21ddd65fc58d385","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/3803449aff4845c7a21ddd65fc58d385","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Mathematics, Vol 14, Iss 20, p 3678 (2026)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/math14203678","doi":"https://doi.org/10.3390/math14203678","is_oa":true,"landing_page_url":"https://doi.org/10.3390/math14203678","pdf_url":null,"source":{"id":"https://openalex.org/S4210192031","display_name":"Mathematics","issn_l":"2227-7390","issn":["2227-7390"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-scientific","cwts-core","doaj","poland-20","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Mathematics","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":49,"referenced_works":["https://openalex.org/W32957394","https://openalex.org/W1499290289","https://openalex.org/W1529994640","https://openalex.org/W1574786337","https://openalex.org/W1780327728","https://openalex.org/W1964496568","https://openalex.org/W1970589954","https://openalex.org/W1998843460","https://openalex.org/W2012624057","https://openalex.org/W2028382716","https://openalex.org/W2028995298","https://openalex.org/W2041946752","https://openalex.org/W2070271131","https://openalex.org/W2076057077","https://openalex.org/W2086364289","https://openalex.org/W2107566558","https://openalex.org/W2113704261","https://openalex.org/W2123471816","https://openalex.org/W2127422867","https://openalex.org/W2133741788","https://openalex.org/W2141064894","https://openalex.org/W2149220262","https://openalex.org/W2299955369","https://openalex.org/W2570834760","https://openalex.org/W2756488399","https://openalex.org/W2789390553","https://openalex.org/W2891159187","https://openalex.org/W2891190930","https://openalex.org/W2911324352","https://openalex.org/W2958989436","https://openalex.org/W3011865677","https://openalex.org/W3022855420","https://openalex.org/W3084395479","https://openalex.org/W3084978063","https://openalex.org/W3121252329","https://openalex.org/W3122620151","https://openalex.org/W3122764680","https://openalex.org/W3122820076","https://openalex.org/W3123154900","https://openalex.org/W3123402761","https://openalex.org/W3123737407","https://openalex.org/W3196887554","https://openalex.org/W4385642319","https://openalex.org/W4385856266","https://openalex.org/W4407890084","https://openalex.org/W4408103194","https://openalex.org/W4412585122","https://openalex.org/W4414498663","https://openalex.org/W7115899165"],"related_works":["https://openalex.org/W4391790176","https://openalex.org/W1780327728","https://openalex.org/W1999067973","https://openalex.org/W3190631072","https://openalex.org/W338921943","https://openalex.org/W2011914468","https://openalex.org/W2147562268","https://openalex.org/W1539932031","https://openalex.org/W3121271254","https://openalex.org/W1818653254"],"abstract_inverted_index":{"I":[0,47,88],"develop":[1],"a":[2,21,42,49,119,152],"lifecycle":[3,147],"asset":[4],"pricing":[5,74],"model":[6,40,111,143],"with":[7,124],"reference-dependent":[8],"preferences":[9,30],"in":[10,69,116,128],"which":[11],"agents":[12],"derive":[13,64],"intertemporal":[14],"gain\u2013loss":[15,108],"utility":[16,51,59,62],"from":[17,60],"consumption":[18,58,148],"relative":[19],"to":[20,95,114],"forward-looking":[22,166],"reference":[23,37,45,61,161],"point.":[24,46],"Unlike":[25],"prior":[26],"applications":[27],"of":[28,56,79,106,135],"such":[29],"that":[31,53],"effectively":[32],"rely":[33],"on":[34],"habit-like,":[35],"backward-looking":[36],"formation,":[38],"my":[39],"adopts":[41],"forward-looking,":[43],"expectation-based":[44],"introduce":[48],"surplus":[50],"ratio":[52],"captures":[54],"deviations":[55],"realized":[57],"and":[63,85,99,139,150],"the":[65,96,107,125,129,156],"stochastic":[66],"discount":[67],"factor":[68],"closed":[70],"form.":[71],"The":[72,110,142],"resulting":[73],"kernel":[75],"incorporates":[76],"three":[77],"sources":[78],"risk:":[80],"consumption-growth":[81],"risk,":[82,84],"surplus-utility":[83],"loss-aversion":[86],"risk.":[87],"show":[89],"analytically":[90],"how":[91],"these":[92],"components":[93],"contribute":[94],"equity":[97,121],"premium":[98,122],"characterize":[100],"their":[101],"interactions":[102],"under":[103],"alternative":[104],"specifications":[105],"function.":[109],"is":[112],"shown":[113],"generate,":[115],"steady":[117],"states,":[118],"theoretical":[120],"consistent":[123],"observed":[126],"magnitude":[127],"data":[130],"while":[131],"maintaining":[132],"standard":[133],"levels":[134],"both":[136],"risk":[137],"aversion":[138],"loss":[140],"aversion.":[141],"also":[144],"generates":[145],"non-monotonic":[146],"profiles":[149],"provides":[151],"basis":[153],"for":[154],"revisiting":[155],"permanent":[157],"income":[158],"hypothesis":[159],"when":[160],"points":[162],"are":[163],"formed":[164],"through":[165],"expectations.":[167]},"counts_by_year":[{"year":2026,"cited_by_count":1}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2026-10-13T00:00:00"}
