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results are delivered as propositions and numerical illustrations in figures with parameter values stated in the captions.",155   "units_stated_in_notes": false,156   "standard_errors_description": "none"157  },158  "figures": {159   "uncertainty_shown": "no"160  },161  "conclusion": {162   "bounded_claims": true,163   "policy_implications": false,164   "open_questions": true,165   "restates_contribution": true166  },167  "hedging": {168   "level": "moderate",169   "typical_devices": [170    "modal 'can' for possibility results",171    "conditioning on parameter ranges (e.g., CRRA below one)",172    "explicit statement of simplifying assumptions and their scope"173   ]174  },175  "claim_evidence": [176   {177    "claim": "Arbitrageur risk aversion equals static CRRA plus a forward-looking intertemporal hedging component",178    "evidence_type": "equation_or_proof",179    "evidence_ref": "Section II.C.2"180   },181   {182    "claim": "More risk-averse hedgers can make arbitrageurs with CRRA below one endogenously more risk-averse",183    "evidence_type": "figure",184    "evidence_ref": "Figure 1; Section II.C.2"185   },186   {187    "claim": "Risk premia can rise with arbitrageur wealth at low wealth even as Sharpe ratios fall, due to endogenous risk",188    "evidence_type": "figure",189    "evidence_ref": "Figure 2; Section III.B"190   },191   {192    "claim": "Arbitrageur wealth is the single priced factor, and aggregate illiquidity captures it",193    "evidence_type": "equation_or_proof",194    "evidence_ref": "Section IV"195   },196   {197    "claim": "Zero-supply assumption is without loss of generality with long-lived hedgers",198    "evidence_type": "equation_or_proof",199    "evidence_ref": "Proposition 12; Section V"200   },201   {202    "claim": "Aggregate liquidity is empirically time-varying and carries a positive premium",203    "evidence_type": "prior_literature",204    "evidence_ref": "Introduction paragraph 3, footnote 2"205   }206  ],207  "structural_summary": "A purely theoretical asset-pricing paper. The introduction motivates the work with the role of intermediary capital in liquidity provision. It states a minimal-friction modeling choice and previews analytical results on dynamic risk aversion, endogenous risk, and the priced arbitrageur-wealth factor proxied by aggregate illiquidity. It closes by positioning against margin-constraint and log-utility arbitrage models. The body moves from model setup to equilibrium with short-maturity assets, then long-maturity assets, liquidity risk, and a positive-supply extension. The conclusion restates the contributions and proposes stochastic hedger supply as an extension.",208  "writing_profile_keywords": [209   "continuous-time model",210   "analytical propositions",211   "endogenous risk",212   "intermediary asset pricing",213   "numerical illustrations",214   "literature differentiation"215  ],216  "confidence": 0.85,217  "notes": "No empirical analysis. Figures are numerical illustrations of the model, not data. Literature positioning occupies the latter introduction paragraphs and reads like a related-literature subsection, but the excerpts do not show it as separate."218 },219 "deterministic_checks": {220  "roadmap_regex": false,221  "contribution_regex_in_intro": false,222  "magnitude_in_abstract": false,223  "abstract_n_sentences": 6,224  "intro_n_paragraphs": 6,225  "intro_n_words": 1204,226  "causal_words_in_abstract": 0,227  "hedge_words_in_abstract": 0,228  "stars_mentioned": false,229  "clustered_se_mentioned": false,230  "internet_appendix_mentioned": false,231  "section_roles_rule": {232   "0": "introduction",233   "1": "theory",234   "2": "theory",235   "3": "theory",236   "4": "other",237   "5": "other",238   "6": "conclusion"239  }240 },241 "schema_valid": true,242 "code_version": "87c73cd-dirty"243}
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