DRAFT

# Time Varying

characteristic function changes over time to remain in line with asset characteristics, eg when the underlying asset is a bond whose volatility dies down towards maturity

## Key formulas

##### Characteristic function
$$\ldots$$

##### Indifference curve
$$\ldots$$

##### Price response function
$$\ldots$$

##### AMM portfolio value
$$\ldots$$

##### Divergence loss
$$\ldots$$

Whilst reasonable care has been taken to verify the above formulas they may still contain errors. Please do not use them without independent verification.