{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,8]],"date-time":"2026-04-08T10:58:02Z","timestamp":1775645882611,"version":"3.50.1"},"reference-count":15,"publisher":"Elsevier BV","issue":"2","license":[{"start":{"date-parts":[[2003,10,1]],"date-time":"2003-10-01T00:00:00Z","timestamp":1064966400000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/tdm\/userlicense\/1.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Journal of Economic Theory"],"published-print":{"date-parts":[[2003,10]]},"DOI":"10.1016\/s0022-0531(03)00062-0","type":"journal-article","created":{"date-parts":[[2003,6,2]],"date-time":"2003-06-02T23:16:03Z","timestamp":1054595763000},"page":"325-333","source":"Crossref","is-referenced-by-count":101,"title":["Risk aversion and allocation to long-term bonds"],"prefix":"10.1016","volume":"112","author":[{"given":"Jessica A.","family":"Wachter","sequence":"first","affiliation":[]}],"member":"78","reference":[{"key":"10.1016\/S0022-0531(03)00062-0_BIB1","doi-asserted-by":"crossref","first-page":"197","DOI":"10.1023\/A:1009890514371","article-title":"Stochastic interest rates and the bond-stock mix","volume":"4","author":"Brennan","year":"2000","journal-title":"Eur. Finan. Rev."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB2","first-page":"181","article-title":"An asset allocation puzzle","volume":"87","author":"Canner","year":"1997","journal-title":"Amer. Econom. Rev."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB3","doi-asserted-by":"crossref","first-page":"99","DOI":"10.1257\/aer.91.1.99","article-title":"Who should buy long-term bonds?","volume":"91","author":"Campbell","year":"2001","journal-title":"Amer. Econom. Rev."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB4","doi-asserted-by":"crossref","first-page":"465","DOI":"10.1016\/0304-4068(91)90004-D","article-title":"A variational problem arising in financial economics","volume":"20","author":"Cox","year":"1991","journal-title":"J. Math. Econom."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB5","doi-asserted-by":"crossref","first-page":"33","DOI":"10.1016\/0022-0531(89)90067-7","article-title":"Optimal consumption and portfolio policies when asset prices follow a diffusion process","volume":"49","author":"Cox","year":"1989","journal-title":"J. Econom. Theory"},{"key":"10.1016\/S0022-0531(03)00062-0_BIB6","unstructured":"P.H. Dybvig, Increases in risk aversion and portfolio choice in a complete market, unpublished manuscript, February 1988."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB7","doi-asserted-by":"crossref","first-page":"377","DOI":"10.1093\/rfs\/1.4.377","article-title":"Nonnegative wealth, absence of arbitrage, and feasible consumption plans","volume":"1","author":"Dybvig","year":"1988","journal-title":"Rev. Finan. Stud."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB8","doi-asserted-by":"crossref","first-page":"165","DOI":"10.1093\/rfs\/12.1.165","article-title":"Portfolio turnpikes","volume":"12","author":"Dybvig","year":"1999","journal-title":"Rev. Finan. Stud."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB9","doi-asserted-by":"crossref","first-page":"381","DOI":"10.1016\/0022-0531(79)90043-7","article-title":"Martingales and multiperiod securities markets","volume":"20","author":"Harrison","year":"1979","journal-title":"J. Econom. Theory"},{"key":"10.1016\/S0022-0531(03)00062-0_BIB10","doi-asserted-by":"crossref","first-page":"215","DOI":"10.1016\/0304-4149(81)90026-0","article-title":"Martingales and stochastic integrals in the theory of continuous trading","volume":"11","author":"Harrison","year":"1981","journal-title":"Stochastic Process Appl."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB11","doi-asserted-by":"crossref","first-page":"1557","DOI":"10.1137\/0325086","article-title":"Optimal portfolio and consumption decisions for a small investor on a finite horizon","volume":"25","author":"Karatzas","year":"1987","journal-title":"SIAM J. Control Optim."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB12","first-page":"178","article-title":"Innovations in interest rate policy","volume":"56","author":"Modigliani","year":"1966","journal-title":"Amer. Econom. Rev."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB13","doi-asserted-by":"crossref","first-page":"239","DOI":"10.1287\/moor.11.2.371","article-title":"A stochastic calculus model of continuous trading","volume":"11","author":"Pliska","year":"1986","journal-title":"Math. Oper. Res."},{"key":"10.1016\/S0022-0531(03)00062-0_BIB14","doi-asserted-by":"crossref","first-page":"122","DOI":"10.2307\/1913738","article-title":"Risk-aversion in the small and in the large","volume":"32","author":"Pratt","year":"1964","journal-title":"Econometrica"},{"key":"10.1016\/S0022-0531(03)00062-0_BIB15","series-title":"Principles of Mathematical Analysis","author":"Rudin","year":"1976"}],"container-title":["Journal of Economic Theory"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0022053103000620?httpAccept=text\/xml","content-type":"text\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0022053103000620?httpAccept=text\/plain","content-type":"text\/plain","content-version":"vor","intended-application":"text-mining"}],"deposited":{"date-parts":[[2019,3,21]],"date-time":"2019-03-21T00:20:53Z","timestamp":1553127653000},"score":1,"resource":{"primary":{"URL":"https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S0022053103000620"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2003,10]]},"references-count":15,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2003,10]]}},"alternative-id":["S0022053103000620"],"URL":"https:\/\/doi.org\/10.1016\/s0022-0531(03)00062-0","relation":{},"ISSN":["0022-0531"],"issn-type":[{"value":"0022-0531","type":"print"}],"subject":[],"published":{"date-parts":[[2003,10]]}}}