{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2018:7JHMGNZNNLHWK5Y63FRAAI7ANF","short_pith_number":"pith:7JHMGNZN","canonical_record":{"source":{"id":"1808.04265","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-08-13T14:24:37Z","cross_cats_sorted":[],"title_canon_sha256":"7ee576538eb97897a95fa0c014162b9c770b4fcfe8e8955926d1d3909814079f","abstract_canon_sha256":"571e51f35caf816f2bc0d002dc59c7cb3c24b5c2f8bf64548dccfcb12f6bdeea"},"schema_version":"1.0"},"canonical_sha256":"fa4ec3372d6acf65771ed9620023e0694b9ca41ae5c619ad0eeafa20e6c79abe","source":{"kind":"arxiv","id":"1808.04265","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1808.04265","created_at":"2026-05-18T00:08:18Z"},{"alias_kind":"arxiv_version","alias_value":"1808.04265v1","created_at":"2026-05-18T00:08:18Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1808.04265","created_at":"2026-05-18T00:08:18Z"},{"alias_kind":"pith_short_12","alias_value":"7JHMGNZNNLHW","created_at":"2026-05-18T12:32:11Z"},{"alias_kind":"pith_short_16","alias_value":"7JHMGNZNNLHWK5Y6","created_at":"2026-05-18T12:32:11Z"},{"alias_kind":"pith_short_8","alias_value":"7JHMGNZN","created_at":"2026-05-18T12:32:11Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2018:7JHMGNZNNLHWK5Y63FRAAI7ANF","target":"record","payload":{"canonical_record":{"source":{"id":"1808.04265","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-08-13T14:24:37Z","cross_cats_sorted":[],"title_canon_sha256":"7ee576538eb97897a95fa0c014162b9c770b4fcfe8e8955926d1d3909814079f","abstract_canon_sha256":"571e51f35caf816f2bc0d002dc59c7cb3c24b5c2f8bf64548dccfcb12f6bdeea"},"schema_version":"1.0"},"canonical_sha256":"fa4ec3372d6acf65771ed9620023e0694b9ca41ae5c619ad0eeafa20e6c79abe","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T00:08:18.454815Z","signature_b64":"Q9By29hrF+B/OBIsvHZTfXew/6OYu4ROQWngHq+b+Xv9KWUA52joFNSBqfSUf+hawHAPDgyJoe0KXKONziOOCg==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"fa4ec3372d6acf65771ed9620023e0694b9ca41ae5c619ad0eeafa20e6c79abe","last_reissued_at":"2026-05-18T00:08:18.454462Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T00:08:18.454462Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1808.04265","source_version":1,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T00:08:18Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"uVoCE5drSIsDrPFF+iJcy+67CqTWx6d/al7+lHixjyHlSJKSepydDNB1zGHc/xlokXXPamClUZZmNHe6t/Q7Aw==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-17T04:58:02.316581Z"},"content_sha256":"47a05094cf00d742a50797be4fc78d036fe983f812cc98c864684b0af4e93250","schema_version":"1.0","event_id":"sha256:47a05094cf00d742a50797be4fc78d036fe983f812cc98c864684b0af4e93250"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2018:7JHMGNZNNLHWK5Y63FRAAI7ANF","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Turnpike Property and Convergence Rate for an Investment and Consumption Model","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.PM","authors_text":"Baojun Bian, Harry Zheng","submitted_at":"2018-08-13T14:24:37Z","abstract_excerpt":"We discuss the turnpike property for optimal investment and consumption problems. We find there exists a threshold value that determines the turnpike property for investment policy. The threshold value only depends on the Sharpe ratio, the riskless interest rate and the discount rate. We show that if utilities behave asymptotically like power utilities and satisfy some simple relations with the threshold value, then the turnpike property for investment holds. There is in general no turnpike property for consumption policy. We also provide the rate of convergence and illustrate the main results"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1808.04265","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"verdict_id":null},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T00:08:18Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"D+zKVw4xrfGzXe8foLShtncWjPMvSl0ZcAZKcon4F4qkyUOAeWf8xME4kzGPi4AO1MwhkEmXy4SMJxgVlRhtAg==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-08-17T04:58:02.317194Z"},"content_sha256":"2506a5311a1a6dcb13f1824d754e46dfce90537fe0a5f23921c582548c8bb601","schema_version":"1.0","event_id":"sha256:2506a5311a1a6dcb13f1824d754e46dfce90537fe0a5f23921c582548c8bb601"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/7JHMGNZNNLHWK5Y63FRAAI7ANF/bundle.json","state_url":"https://pith.science/pith/7JHMGNZNNLHWK5Y63FRAAI7ANF/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/7JHMGNZNNLHWK5Y63FRAAI7ANF/bundle.json","status":"primary"}],"public_keys":[{"key_id":"pith-v1-2026-05","algorithm":"ed25519","format":"raw","public_key_b64":"stVStoiQhXFxp4s2pdzPNoqVNBMojDU/fJ2db5S3CbM=","public_key_hex":"b2d552b68890857171a78b36a5dccf368a953413288c353f7c9d9d6f94b709b3","fingerprint_sha256_b32_first128bits":"RVFV5Z2OI2J3ZUO7ERDEBCYNKS","fingerprint_sha256_hex":"8d4b5ee74e4693bcd1df2446408b0d54","rotates_at":null,"url":"https://pith.science/pith-signing-key.json","notes":"Pith uses this Ed25519 key to sign canonical record SHA-256 digests. Verify with: ed25519_verify(public_key, message=canonical_sha256_bytes, signature=base64decode(signature_b64))."}],"merge_version":"pith-open-graph-merge-v1","built_at":"2026-08-17T04:58:02Z","links":{"resolver":"https://pith.science/pith/7JHMGNZNNLHWK5Y63FRAAI7ANF","bundle":"https://pith.science/pith/7JHMGNZNNLHWK5Y63FRAAI7ANF/bundle.json","state":"https://pith.science/pith/7JHMGNZNNLHWK5Y63FRAAI7ANF/state.json","well_known_bundle":"https://pith.science/.well-known/pith/7JHMGNZNNLHWK5Y63FRAAI7ANF/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2018:7JHMGNZNNLHWK5Y63FRAAI7ANF","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"571e51f35caf816f2bc0d002dc59c7cb3c24b5c2f8bf64548dccfcb12f6bdeea","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-08-13T14:24:37Z","title_canon_sha256":"7ee576538eb97897a95fa0c014162b9c770b4fcfe8e8955926d1d3909814079f"},"schema_version":"1.0","source":{"id":"1808.04265","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1808.04265","created_at":"2026-05-18T00:08:18Z"},{"alias_kind":"arxiv_version","alias_value":"1808.04265v1","created_at":"2026-05-18T00:08:18Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1808.04265","created_at":"2026-05-18T00:08:18Z"},{"alias_kind":"pith_short_12","alias_value":"7JHMGNZNNLHW","created_at":"2026-05-18T12:32:11Z"},{"alias_kind":"pith_short_16","alias_value":"7JHMGNZNNLHWK5Y6","created_at":"2026-05-18T12:32:11Z"},{"alias_kind":"pith_short_8","alias_value":"7JHMGNZN","created_at":"2026-05-18T12:32:11Z"}],"graph_snapshots":[{"event_id":"sha256:2506a5311a1a6dcb13f1824d754e46dfce90537fe0a5f23921c582548c8bb601","target":"graph","created_at":"2026-05-18T00:08:18Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"paper":{"abstract_excerpt":"We discuss the turnpike property for optimal investment and consumption problems. We find there exists a threshold value that determines the turnpike property for investment policy. The threshold value only depends on the Sharpe ratio, the riskless interest rate and the discount rate. We show that if utilities behave asymptotically like power utilities and satisfy some simple relations with the threshold value, then the turnpike property for investment holds. There is in general no turnpike property for consumption policy. We also provide the rate of convergence and illustrate the main results","authors_text":"Baojun Bian, Harry Zheng","cross_cats":[],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-08-13T14:24:37Z","title":"Turnpike Property and Convergence Rate for an Investment and Consumption Model"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1808.04265","kind":"arxiv","version":1},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:47a05094cf00d742a50797be4fc78d036fe983f812cc98c864684b0af4e93250","target":"record","created_at":"2026-05-18T00:08:18Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"571e51f35caf816f2bc0d002dc59c7cb3c24b5c2f8bf64548dccfcb12f6bdeea","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.PM","submitted_at":"2018-08-13T14:24:37Z","title_canon_sha256":"7ee576538eb97897a95fa0c014162b9c770b4fcfe8e8955926d1d3909814079f"},"schema_version":"1.0","source":{"id":"1808.04265","kind":"arxiv","version":1}},"canonical_sha256":"fa4ec3372d6acf65771ed9620023e0694b9ca41ae5c619ad0eeafa20e6c79abe","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"fa4ec3372d6acf65771ed9620023e0694b9ca41ae5c619ad0eeafa20e6c79abe","first_computed_at":"2026-05-18T00:08:18.454462Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T00:08:18.454462Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"Q9By29hrF+B/OBIsvHZTfXew/6OYu4ROQWngHq+b+Xv9KWUA52joFNSBqfSUf+hawHAPDgyJoe0KXKONziOOCg==","signature_status":"signed_v1","signed_at":"2026-05-18T00:08:18.454815Z","signed_message":"canonical_sha256_bytes"},"source_id":"1808.04265","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:47a05094cf00d742a50797be4fc78d036fe983f812cc98c864684b0af4e93250","sha256:2506a5311a1a6dcb13f1824d754e46dfce90537fe0a5f23921c582548c8bb601"],"state_sha256":"9cf1bf7ca1883e5c185e585aef22468d470be18332c68e58edd0f3fb35b22869"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"gFby73jeN7H7VBLzUKvhfIB2251AXK28rzAd/qeNQVkbPsGPsx89Wq8nQzbHD98sIvrloK2cxf2dUYjLlP8pCA==","signed_message":"bundle_sha256_bytes","signed_at":"2026-08-17T04:58:02.321572Z","bundle_sha256":"991e7f433abfd547738d921ed80ef19f0bccb64bcfd3cfa2f85e2c9dde1c5273"}}