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Mark Rubinstein, The Strong Case for the Generalized Logarithmic Utility Model as the Premier Model of Financial Markets, The Journal of Finance, Vol. 31, No. 2, Papers and Proceedings of the Thirty-Fourth Annual Meeting of the American Finance Association Dallas, Texas December 28-30, 1975 (May, 1976), pp. 551-571
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Mark Rubinstein (1976) studied this question.
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