Igor Yelnik of ADG Capital Management wrote the paper "Patience Premium", which introduces the eponymous notion which is based on the concept of ambiguity aversion and ultimately can be defined as an ambiguity premium. The paper identifies three reasons for the existence of the patience premium: certainty preferences, comparison with peers, and loss aversion. The phenomenon of the patience premium helps explain why the performance of investment strategies may benefit from having longer holding periods.
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