# Papers and research projects

The `papers/` directory is available in a GitHub clone and is intentionally excluded from PyPI
wheel and source distributions.

## Goal-based allocation paper

`papers/goal_based_allocation_2026/` contains the LaTeX source, compiled PDF, tracked figures, and
the figure-generation/integration script for Sepp (2026), *Dynamic Mean-Variance Portfolio
Allocation under Regime-Switching Jump-Diffusions with Absorbing Barriers and Distribution
Matching* ([SSRN 6534579](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6534579)).

Use the temporary-output command in [validation](validation.md). The `--test` mode also generates
figures; it is not a read-only test switch.

## KOSPI volatility study

`papers/kospi_volatility_fit_jun2026/` is a separate repository-only calibration study using the
shipped regime-switching option pricer. It has additional research dependencies (including
pandas) and stored Bloomberg-derived option-chain snapshots. Those dependencies and data are not
part of the core package contract or a general data service.

See the study's
[`README.md`](https://github.com/ArturSepp/GoalBasedAllocation/blob/main/papers/kospi_volatility_fit_jun2026/README.md)
for its methods, provenance, limitations, and commands.

## Output policy

Do not commit newly generated calibration output or documentation builds. Existing tracked paper
figures are replication artifacts; path-only or packaging changes must preserve their bytes.