Figure 6
Two graphs labeled a and b showing delta d superscript f on vertical axis and risk aversion gamma on horizontal axis. Each graph includes four curves labeled delta d superscript f, Return, Spec, and Hedge using solid, dotted, dashed, and dash-dotted lines.

Portfolio allocation bias for alternative calibration scenarios. The panels show difference Δd* in the allocation to the dirty sector by the oil-based fund for the Pre-Decline Scenario (left) and the Pre-COVID Scenario as defined in Table 2.

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