body.quarto-light {
  --book-link: #0b5cad;
  --book-link-hover: #073b6d;
  --book-active-link: #b84300;
  --book-backtop-bg: rgba(255, 255, 255, 0.62);
  --book-backtop-hover: rgba(255, 243, 234, 0.92);
  --book-rule: #d8dee9;
  --book-surface: #ffffff;
  --book-soft-surface: #f7f9fb;
  --book-card-border: #cfd8e3;
  --book-muted: #536070;
  --book-accent: #b84300;
  --book-accent-soft: #fff3ea;
}

body.quarto-dark {
  --book-link: #8ecaff;
  --book-link-hover: #c6e6ff;
  --book-active-link: #ffb86b;
  --book-backtop-bg: rgba(31, 37, 43, 0.66);
  --book-backtop-hover: rgba(51, 37, 26, 0.9);
  --book-rule: #45515f;
  --book-surface: #1f252b;
  --book-soft-surface: #151a20;
  --book-card-border: #445160;
  --book-muted: #bac6d4;
  --book-accent: #ffb86b;
  --book-accent-soft: #33251a;
}

html {
  scroll-padding-top: 4.5rem;
}

a {
  color: var(--book-link);
  text-decoration: none;
  transition: color 0.2s ease, text-decoration-color 0.2s ease;
}

a:hover,
a:focus {
  color: var(--book-link-hover);
  text-decoration: underline;
}

#TOC .nav-link.active,
#TOC .toc-entry a.active,
.sidebar .sidebar-item-container .active,
.nav-link.active {
  color: var(--book-active-link) !important;
  font-weight: 700;
}

hr {
  border-color: var(--book-rule) !important;
}

main [id] {
  scroll-margin-top: 4.5rem;
}

table {
  width: 100%;
}

.merton-state-table,
.merton-state-table table {
  table-layout: fixed;
}

.merton-state-table col:first-child {
  width: 9% !important;
}

.merton-state-table col:nth-child(2) {
  width: 21% !important;
}

.merton-state-table col:nth-child(3) {
  width: 34% !important;
}

.merton-state-table col:nth-child(4) {
  width: 36% !important;
}

.merton-state-table th:first-child,
.merton-state-table td:first-child {
  white-space: nowrap;
}

.book-subhead,
.merton-subhead {
  color: inherit;
  font-size: 1.08rem;
  font-weight: 700;
  margin: 1.35rem 0 0.45rem;
}

.book-subhead > p,
.merton-subhead > p {
  margin: 0;
}

.cell-output-display {
  overflow-x: auto;
}

mjx-container[jax="CHTML"][display="true"] {
  max-width: 100%;
  overflow-x: auto;
  overflow-y: hidden;
  padding-bottom: 0.1rem;
}

#title-block-header {
  margin-block-end: 0.75rem;
}

body:has(.home-panel) #quarto-header .quarto-page-breadcrumbs {
  display: none;
}

#title-block-header .quarto-title-meta {
  margin-block-end: 0.5rem;
}

.book-edition-code {
  background: var(--book-soft-surface);
  border: 1px solid var(--book-card-border);
  border-radius: 4px;
  color: inherit;
  font-family: ui-monospace, SFMono-Regular, Menlo, Monaco, Consolas, "Liberation Mono", "Courier New", monospace;
  font-size: 0.95em;
  padding: 0.05rem 0.25rem;
}

#quarto-header .container-fluid {
  align-items: center;
  gap: 0.4rem;
}

#quarto-header.headroom,
#quarto-header.headroom--pinned,
#quarto-header.headroom--unpinned {
  transform: none !important;
}

#quarto-header .book-native-sidebar-toggle {
  display: none !important;
}

.book-menu-toggle {
  align-items: center;
  appearance: none;
  background: transparent;
  border: 0;
  border-radius: 4px;
  color: var(--book-link);
  display: inline-flex !important;
  flex: 0 0 auto;
  height: 1.75rem;
  justify-content: center;
  opacity: 1 !important;
  padding: 0;
  visibility: visible !important;
  width: 1.75rem;
  z-index: 2050;
}

.book-menu-toggle .bi::before {
  font-size: 1.1rem;
  line-height: 1;
}

.book-menu-toggle-text {
  border: 0;
  clip: rect(0 0 0 0);
  height: 1px;
  margin: -1px;
  overflow: hidden;
  padding: 0;
  position: absolute;
  white-space: nowrap;
  width: 1px;
}

.book-menu-toggle:hover,
.book-menu-toggle:focus {
  background: var(--book-accent-soft);
  color: var(--book-link-hover);
}

.book-menu-toggle:focus-visible {
  outline: 3px solid var(--book-active-link);
  outline-offset: 2px;
}

.book-menu-floating-toggle {
  background: var(--book-surface);
  border: 1px solid var(--book-card-border);
  box-shadow: 0 0.2rem 0.55rem rgba(0, 0, 0, 0.12);
  left: 0.55rem;
  position: fixed !important;
  top: 0.55rem;
}

#quarto-sidebar .sidebar-tools-main {
  align-items: center;
  display: inline-flex;
  gap: 0.3rem;
}

#quarto-sidebar .book-menu-toggle {
  box-shadow: none;
}

body.book-sidebar-hidden #quarto-sidebar,
body.book-sidebar-hidden #quarto-sidebar-glass {
  display: none !important;
}

body.book-sidebar-hidden #quarto-content {
  margin-left: 0 !important;
}

@media (min-width: 992px) {
  body.book-sidebar-hidden.docked .page-columns,
  body.book-sidebar-hidden.docked.fullcontent .page-columns,
  body.book-sidebar-hidden.docked.slimcontent .page-columns,
  body.book-sidebar-hidden.docked.listing .page-columns {
    grid-template-columns:
      [screen-start] 1.5em
      [screen-start-inset page-start page-start-inset body-start-outset] 5fr
      [body-start] 1.5em
      [body-content-start] minmax(500px, calc(1000px - 3em))
      [body-content-end] 1.5em
      [body-end body-end-outset] minmax(50px, 100px)
      [page-end-inset] 50px
      [page-end] 5fr
      [screen-end-inset] 1.5em
      [screen-end];
  }
}

#quarto-header .quarto-page-breadcrumbs {
  min-width: 0;
}

#quarto-header .quarto-page-breadcrumbs .breadcrumb {
  flex-wrap: nowrap;
  margin-bottom: 0;
}

#quarto-header .quarto-page-breadcrumbs .breadcrumb-item {
  overflow: hidden;
  text-overflow: ellipsis;
  white-space: nowrap;
}

#quarto-sidebar .sidebar-menu-container li.sidebar-item:has(> .sidebar-item-container > a.sidebar-link[href$="index.html"]) {
  display: none;
}

#quarto-sidebar li.sidebar-item-section.sidebar-section-current > .sidebar-item-container > .sidebar-link,
#quarto-sidebar li.sidebar-item-section.sidebar-section-current > .sidebar-item-container > .sidebar-item-toggle {
  font-weight: 700;
}

#quarto-sidebar li.book-sidebar-chapter-has-sections > .sidebar-item-container {
  align-items: center;
  display: flex;
  gap: 0.2rem;
}

#quarto-sidebar li.book-sidebar-chapter-has-sections > .sidebar-item-container > .sidebar-link {
  flex: 1 1 auto;
  min-width: 0;
}

.book-sidebar-subsection-toggle {
  align-items: center;
  appearance: none;
  background: transparent;
  border: 0;
  border-radius: 4px;
  color: var(--book-muted);
  display: inline-flex;
  flex: 0 0 auto;
  height: 1.4rem;
  justify-content: center;
  padding: 0;
  width: 1.4rem;
}

.book-sidebar-subsection-toggle:hover,
.book-sidebar-subsection-toggle:focus {
  background: var(--book-accent-soft);
  color: var(--book-link-hover);
}

.book-sidebar-subsection-toggle:focus-visible {
  outline: 2px solid var(--book-active-link);
  outline-offset: 2px;
}

.book-sidebar-subsection-toggle .bi {
  transition: transform 0.16s ease;
}

.book-sidebar-subsection-toggle-open .bi {
  transform: rotate(90deg);
}

.book-sidebar-subsections {
  border-left: 1px solid var(--book-rule);
  list-style: none;
  margin: 0.05rem 0 0.45rem 1.15rem;
  padding: 0.05rem 0 0.05rem 0.65rem;
}

.book-sidebar-subsections[hidden] {
  display: none !important;
}

#quarto-sidebar .book-sidebar-subsection-link.sidebar-link {
  color: var(--book-muted);
  display: block;
  font-size: 0.86rem;
  line-height: 1.25;
  overflow: hidden;
  padding: 0.22rem 0.25rem;
  text-overflow: ellipsis;
  white-space: nowrap;
}

#quarto-sidebar .book-sidebar-subsection-link.sidebar-link:hover,
#quarto-sidebar .book-sidebar-subsection-link.sidebar-link:focus {
  color: var(--book-link-hover);
}

#quarto-sidebar .book-sidebar-subsection-link.book-subsection-active {
  background: var(--book-accent-soft);
  border-radius: 4px;
  box-shadow: inset 3px 0 0 var(--book-active-link);
  color: var(--book-active-link) !important;
  font-weight: 700;
  padding-left: 0.5rem;
}

#title-block-header .quarto-title-breadcrumbs {
  display: inline-flex !important;
  max-width: calc(100% - 8rem);
  vertical-align: middle;
}

#title-block-header.has-page-local-nav .quarto-title-breadcrumbs {
  display: none !important;
}

#title-block-header .quarto-title-breadcrumbs .breadcrumb {
  flex-wrap: nowrap;
  margin-bottom: 0;
}

#title-block-header .quarto-title-breadcrumbs .breadcrumb-item {
  overflow: hidden;
  text-overflow: ellipsis;
  white-space: nowrap;
}

.page-local-nav {
  align-items: center;
  background: var(--book-surface);
  border-bottom: 1px solid var(--book-rule);
  display: flex;
  gap: 0.5rem;
  margin: -0.1rem 0 0.9rem;
  padding: 0.45rem 0;
  position: sticky;
  top: 0;
  z-index: 1030;
}

.page-local-nav .quarto-page-breadcrumbs {
  display: block !important;
  flex: 1 1 auto;
  min-width: 0;
}

.page-local-nav .breadcrumb {
  flex-wrap: nowrap;
  margin-bottom: 0;
}

.page-local-nav .breadcrumb-item {
  overflow: hidden;
  text-overflow: ellipsis;
  white-space: nowrap;
}

.page-section-menu {
  flex: 0 0 auto;
  margin-left: auto;
  position: relative;
  z-index: 1041;
}

.page-section-toggle {
  background: var(--book-surface);
  border: 1px solid var(--book-card-border);
  border-radius: 6px;
  color: var(--book-link);
  font-size: 0.9rem;
  font-weight: 700;
  line-height: 1.2;
  padding: 0.35rem 0.65rem;
}

.page-section-toggle:hover,
.page-section-toggle:focus {
  background: var(--book-accent-soft);
  color: var(--book-link-hover);
}

.page-section-list {
  max-height: min(70vh, 32rem);
  max-width: min(26rem, calc(100vw - 2rem));
  min-width: min(22rem, calc(100vw - 2rem));
  overflow-y: auto;
}

.page-section-link {
  overflow: hidden;
  text-overflow: ellipsis;
  white-space: nowrap;
}

.page-section-link-h3 {
  padding-left: 1.75rem;
}

.homepage-contact {
  align-items: center;
  border-bottom: 1px solid var(--book-rule);
  display: flex;
  gap: 1rem;
  justify-content: space-between;
  margin: 0 0 1.25rem;
  padding: 0 0 0.75rem;
}

.homepage-back-link {
  font-weight: 700;
}

.social-links {
  align-items: center;
  display: flex;
  flex-wrap: wrap;
  gap: 0.65rem;
  justify-content: flex-end;
}

.social-links a {
  align-items: center;
  border: 1px solid var(--book-card-border);
  border-radius: 6px;
  display: inline-flex;
  height: 2.5rem;
  justify-content: center;
  width: 2.5rem;
}

.social-links a:hover,
.social-links a:focus {
  background: var(--book-accent-soft);
  text-decoration: none;
}

.social-links .social-icon {
  color: var(--book-link);
  display: block;
  font-size: 1.35rem;
  line-height: 1;
}

.social-links .social-icon-github {
  color: #181717;
}

.social-links .social-icon-ssrn {
  color: #1f5f99;
  font-size: 1.45rem;
}

.social-links .social-icon-email {
  color: #b84300;
}

.social-links .social-icon-linkedin {
  color: #0a66c2;
}

.social-links .social-icon-youtube {
  color: #ff0000;
}

.social-links .social-icon-google-scholar {
  color: #4285f4;
  font-size: 1.45rem;
}

.social-links .social-icon-substack,
.social-links .social-icon-zoom {
  font-size: 1.45rem;
}

.social-links .social-icon-substack {
  color: #ff6719;
}

.social-links .social-icon-zoom {
  color: #2d8cff;
}

body.quarto-dark .social-links .social-icon-github {
  color: #f0f6fc;
}

body.quarto-dark .social-links .social-icon-ssrn {
  color: #8ecaff;
}

.home-publication-meta {
  align-items: baseline;
  color: var(--book-muted);
  display: flex;
  flex-wrap: wrap;
  font-size: 0.92rem;
  gap: 0.45rem;
  margin: -0.35rem 0 1rem;
}

.home-publication-meta-item {
  align-items: baseline;
  display: inline-flex;
  gap: 0.35rem;
}

.home-publication-meta-label {
  font-weight: 700;
}

.home-publication-meta-separator {
  color: var(--book-muted);
}

.home-publication-meta .date-first-publication {
  margin: 0;
}

.home-panel {
  background: var(--book-soft-surface);
  border: 1px solid var(--book-card-border);
  border-left: 5px solid var(--book-accent);
  border-radius: 6px;
  margin: 0.75rem 0 1.5rem;
  padding: 1rem 1.1rem;
}

.home-panel p:last-child {
  margin-bottom: 0;
}

.footer .nav-footer {
  align-items: center;
  border-top: 1px solid var(--book-rule);
  gap: 1rem;
  padding-top: 1rem;
}

.footer .nav-footer-left,
.footer .nav-footer-right {
  color: var(--book-muted);
  flex: 0 0 auto;
  font-size: 0.92rem;
  line-height: 1.45;
  max-width: none;
  white-space: nowrap;
}

.footer .nav-footer-center {
  flex: 1 1 auto;
  min-width: 1rem;
}

.footer .nav-footer-left p,
.footer .nav-footer-right p {
  margin-bottom: 0;
}

.footer .nav-footer-right a {
  color: var(--book-link);
  white-space: nowrap;
}

#btn-back-to-top {
  align-items: center;
  appearance: none;
  background: var(--book-backtop-bg);
  border: 1px solid var(--book-card-border);
  border-radius: 50%;
  bottom: 1.25rem;
  box-shadow: 0 0.35rem 0.9rem rgba(0, 0, 0, 0.12);
  color: var(--book-active-link);
  cursor: pointer;
  display: inline-flex;
  height: 2.75rem;
  justify-content: center;
  line-height: 1;
  opacity: 0;
  padding: 0;
  pointer-events: none;
  position: fixed;
  right: 1.25rem;
  transform: translateY(0.4rem);
  transition: opacity 0.2s ease, transform 0.2s ease, background-color 0.2s ease, color 0.2s ease;
  width: 2.75rem;
  z-index: 1040;
}

#btn-back-to-top svg {
  display: block;
  fill: none;
  height: 1.45rem;
  stroke: currentColor;
  stroke-linecap: round;
  stroke-linejoin: round;
  stroke-width: 3;
  transform: translateY(-1px);
  width: 1.45rem;
}

#btn-back-to-top.is-visible {
  opacity: 0.86;
  pointer-events: auto;
  transform: translateY(0);
}

#btn-back-to-top:hover,
#btn-back-to-top:focus {
  background: var(--book-backtop-hover);
  color: var(--book-link-hover);
}

#btn-back-to-top:focus-visible {
  outline: 3px solid var(--book-active-link);
  outline-offset: 3px;
}

@media (max-width: 640px) {
  .homepage-contact {
    align-items: flex-start;
    flex-direction: column;
  }

  .social-links {
    justify-content: flex-start;
  }

  .page-section-menu {
    margin-left: auto;
  }

  .page-section-toggle {
    font-size: 0.85rem;
    padding: 0.3rem 0.5rem;
  }

  .footer .nav-footer {
    align-items: flex-start;
    gap: 0.35rem;
  }

  .footer .nav-footer-left,
  .footer .nav-footer-right {
    text-align: left;
    white-space: normal;
  }

  #btn-back-to-top {
    bottom: 0.85rem;
    right: 0.85rem;
  }
}