frictionless. The main result is that a price process is arbitrage free (or, equivalently, compatible with some equilibrium) if and … by arbitrage follows from there. Contingent claims can be priced by taking their expected value with respect to an … equivalent martingale measure. If this value is unique, the claim is said to be priced by arbitrage. The new probabilities can be …

. Our approach leads to an interval of admissible prices much better than the arbitrage pricing interval. …

principle, to arbitrage. However, this arbitrage cannot be implemented in practice because of transaction costs. We suggest that …

In securities markets, the characterisation of the absence of arbitrage by the existence of state price deflators is … framework. We apply this results to the characterization of the no-arbitrage assumption in a general intertemporal framework. …

give a new definition for arbitrage and characterize it. We then prove a theorem that can be seen as an extension of the …