REAL DATA:
  JST real returns: equity 6.7%, housing 7.1% (mostly rent->productive), bills 0.9%, gold ~0.6%
  SCF cash share of net worth: {'25-50th': 15, '50-75th': 8, '75-99th': 6, 'Top 1%': 2}  -> wealthy hold ~2%, ordinary ~15%
  Bottom 50% own ~1.1% of all corporate equities (Fed DFA, 2025).
  Leverage note: at 25-50th pct, mortgages = -96% of net worth -> inflation also erodes their debt.

  baseline allocation (pi=0): cash 0.15  spec 0.15  prod 0.70  (calibrated)
  inflation 3%, real-estate-quality hedge     : prod 0.77  (+7 pts)
  inflation 3%, gold/commodity partial hedge  : prod 0.81  (+11 pts)
  inflation 3%, no hedge                      : prod 0.86  (+16 pts)

saved behavioral_calibrated.png
