{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2011:HGFHPPMSN3SOTCM3VWZ4L4UC6G","short_pith_number":"pith:HGFHPPMS","canonical_record":{"source":{"id":"1103.5968","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2011-03-30T15:52:19Z","cross_cats_sorted":["q-fin.ST"],"title_canon_sha256":"3180776e9e22c7b03c8f4d90f1d410c5bbe15ccc8eb7effc659efdf6f5a28421","abstract_canon_sha256":"a423d86e680427bbd3f97ec00d5768cc9de134ebc75e5c3d3f19f7dbfc545421"},"schema_version":"1.0"},"canonical_sha256":"398a77bd926ee4e9899badb3c5f282f1b6622bdaad66356b1e5c74898a449daf","source":{"kind":"arxiv","id":"1103.5968","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1103.5968","created_at":"2026-05-18T04:25:26Z"},{"alias_kind":"arxiv_version","alias_value":"1103.5968v1","created_at":"2026-05-18T04:25:26Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1103.5968","created_at":"2026-05-18T04:25:26Z"},{"alias_kind":"pith_short_12","alias_value":"HGFHPPMSN3SO","created_at":"2026-05-18T12:26:30Z"},{"alias_kind":"pith_short_16","alias_value":"HGFHPPMSN3SOTCM3","created_at":"2026-05-18T12:26:30Z"},{"alias_kind":"pith_short_8","alias_value":"HGFHPPMS","created_at":"2026-05-18T12:26:30Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2011:HGFHPPMSN3SOTCM3VWZ4L4UC6G","target":"record","payload":{"canonical_record":{"source":{"id":"1103.5968","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2011-03-30T15:52:19Z","cross_cats_sorted":["q-fin.ST"],"title_canon_sha256":"3180776e9e22c7b03c8f4d90f1d410c5bbe15ccc8eb7effc659efdf6f5a28421","abstract_canon_sha256":"a423d86e680427bbd3f97ec00d5768cc9de134ebc75e5c3d3f19f7dbfc545421"},"schema_version":"1.0"},"canonical_sha256":"398a77bd926ee4e9899badb3c5f282f1b6622bdaad66356b1e5c74898a449daf","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T04:25:26.995991Z","signature_b64":"UJ3fQ+sAWUYrU8KLpIMrcxrTn4zlefMRP0+oBcQFdAQwuUb60ndI39+ucut+ftNfQlN/Vm2SiqPuquIG8CTlAA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"398a77bd926ee4e9899badb3c5f282f1b6622bdaad66356b1e5c74898a449daf","last_reissued_at":"2026-05-18T04:25:26.995287Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T04:25:26.995287Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1103.5968","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":"2026-05-18T04:25:26Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"jJ1k+s2rLu+p9zim78UPnNzD++DiIeKsR87CGEnJ9YTf5AShzX2ln9OGho/E+zMJgjH2RBnZxVRxY7iSNrMPAA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-27T08:48:23.181864Z"},"content_sha256":"02c1a73ef6342836960feff7eecd3aac18fae5777ed3b7e240643217fbb09c59","schema_version":"1.0","event_id":"sha256:02c1a73ef6342836960feff7eecd3aac18fae5777ed3b7e240643217fbb09c59"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2011:HGFHPPMSN3SOTCM3VWZ4L4UC6G","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Time Varying Risk Aversion: An Application to Energy Hedging","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["q-fin.ST"],"primary_cat":"q-fin.RM","authors_text":"Jim Hanly, John Cotter","submitted_at":"2011-03-30T15:52:19Z","abstract_excerpt":"Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby est"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1103.5968","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":"2026-05-18T04:25:26Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"MyNzXMe4EzDzSksw8RAoBWRS3ZEN3kLe+HMPHUkPfvJuRM6ydrtrORVB0t83WTRGoE4r7QlK1nmKeGxfx3RFCA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-27T08:48:23.182197Z"},"content_sha256":"e909258ae14b9a20d1d6b7f53d8667b6cefdbd6b6b9248e0e475a0634e01fe06","schema_version":"1.0","event_id":"sha256:e909258ae14b9a20d1d6b7f53d8667b6cefdbd6b6b9248e0e475a0634e01fe06"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/HGFHPPMSN3SOTCM3VWZ4L4UC6G/bundle.json","state_url":"https://pith.science/pith/HGFHPPMSN3SOTCM3VWZ4L4UC6G/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/HGFHPPMSN3SOTCM3VWZ4L4UC6G/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":"2026-06-27T08:48:23Z","links":{"resolver":"https://pith.science/pith/HGFHPPMSN3SOTCM3VWZ4L4UC6G","bundle":"https://pith.science/pith/HGFHPPMSN3SOTCM3VWZ4L4UC6G/bundle.json","state":"https://pith.science/pith/HGFHPPMSN3SOTCM3VWZ4L4UC6G/state.json","well_known_bundle":"https://pith.science/.well-known/pith/HGFHPPMSN3SOTCM3VWZ4L4UC6G/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2011:HGFHPPMSN3SOTCM3VWZ4L4UC6G","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":"a423d86e680427bbd3f97ec00d5768cc9de134ebc75e5c3d3f19f7dbfc545421","cross_cats_sorted":["q-fin.ST"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2011-03-30T15:52:19Z","title_canon_sha256":"3180776e9e22c7b03c8f4d90f1d410c5bbe15ccc8eb7effc659efdf6f5a28421"},"schema_version":"1.0","source":{"id":"1103.5968","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1103.5968","created_at":"2026-05-18T04:25:26Z"},{"alias_kind":"arxiv_version","alias_value":"1103.5968v1","created_at":"2026-05-18T04:25:26Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1103.5968","created_at":"2026-05-18T04:25:26Z"},{"alias_kind":"pith_short_12","alias_value":"HGFHPPMSN3SO","created_at":"2026-05-18T12:26:30Z"},{"alias_kind":"pith_short_16","alias_value":"HGFHPPMSN3SOTCM3","created_at":"2026-05-18T12:26:30Z"},{"alias_kind":"pith_short_8","alias_value":"HGFHPPMS","created_at":"2026-05-18T12:26:30Z"}],"graph_snapshots":[{"event_id":"sha256:e909258ae14b9a20d1d6b7f53d8667b6cefdbd6b6b9248e0e475a0634e01fe06","target":"graph","created_at":"2026-05-18T04:25:26Z","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":"Risk aversion is a key element of utility maximizing hedge strategies; however, it has typically been assigned an arbitrary value in the literature. This paper instead applies a GARCH-in-Mean (GARCH-M) model to estimate a time-varying measure of risk aversion that is based on the observed risk preferences of energy hedging market participants. The resulting estimates are applied to derive explicit risk aversion based optimal hedge strategies for both short and long hedgers. Out-of-sample results are also presented based on a unique approach that allows us to forecast risk aversion, thereby est","authors_text":"Jim Hanly, John Cotter","cross_cats":["q-fin.ST"],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2011-03-30T15:52:19Z","title":"Time Varying Risk Aversion: An Application to Energy Hedging"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1103.5968","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":"sha256:02c1a73ef6342836960feff7eecd3aac18fae5777ed3b7e240643217fbb09c59","target":"record","created_at":"2026-05-18T04:25:26Z","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":"a423d86e680427bbd3f97ec00d5768cc9de134ebc75e5c3d3f19f7dbfc545421","cross_cats_sorted":["q-fin.ST"],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.RM","submitted_at":"2011-03-30T15:52:19Z","title_canon_sha256":"3180776e9e22c7b03c8f4d90f1d410c5bbe15ccc8eb7effc659efdf6f5a28421"},"schema_version":"1.0","source":{"id":"1103.5968","kind":"arxiv","version":1}},"canonical_sha256":"398a77bd926ee4e9899badb3c5f282f1b6622bdaad66356b1e5c74898a449daf","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"398a77bd926ee4e9899badb3c5f282f1b6622bdaad66356b1e5c74898a449daf","first_computed_at":"2026-05-18T04:25:26.995287Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T04:25:26.995287Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"UJ3fQ+sAWUYrU8KLpIMrcxrTn4zlefMRP0+oBcQFdAQwuUb60ndI39+ucut+ftNfQlN/Vm2SiqPuquIG8CTlAA==","signature_status":"signed_v1","signed_at":"2026-05-18T04:25:26.995991Z","signed_message":"canonical_sha256_bytes"},"source_id":"1103.5968","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:02c1a73ef6342836960feff7eecd3aac18fae5777ed3b7e240643217fbb09c59","sha256:e909258ae14b9a20d1d6b7f53d8667b6cefdbd6b6b9248e0e475a0634e01fe06"],"state_sha256":"c98ff1bc04dd3d804fb7d2b545d89b985d2c3a341d9fab49d93d47db47b138f2"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"nhhq/GnlXGLP0hcdRMUqYqW4XGPH2JguOpUeIq7C6m5qZISkUOvSvNHad4MohjPqRFHRNolTU8rjOuDY6x1NDw==","signed_message":"bundle_sha256_bytes","signed_at":"2026-06-27T08:48:23.183986Z","bundle_sha256":"04795852686f61036bbb4289eb35eae004afb8f54af0f3ba6a0dd0ab8b2deac6"}}