Before revision:  These interesting conclusions match with observations from the real market and are based on our analysis of the associated recursive system of Hamilton-Jacobi-Bellman variational inequalities (HJBVIs), which is new to the literature.
After revision:  These interesting conclusions are based on our analysis of the associated recursive system of Hamilton-Jacobi-Bellman variational inequalities (HJBVIs), which is new to the literature.