equilibrium is still characterized by the no-arbitrage condition. …

An elementary arbitrage principle and the existence of trends in financial time series, which is based on a theorem … published in 1995 by P. Cartier and Y. Perrin, lead to a new understanding of option pricing and dynamic hedging. Intricate …

existence of such equilibrium is still characterized by the no-arbitrage condition of finance. This result, which extends our …

In his seminal paper on arbitrage and competitive equilibrium in unbounded exchange economies, Werner (Econometrica …, 1987) proved the existence of a competitive equilibrium, under a price no-arbitrage condition, without assuming either … unbounded exchange economies, even if some agents' preferences are satiated, the absence of arbitrage is suffcient for the …

) introduced refined concepts of "no-arbitrage" prices and equilibria, which extended to the asymmetric information. We now present … markets preclude arbitrage, under similar standard conditions, whether agents have symmetric or asymmetric information. This …

] introduced refined concepts of "no-arbitrage" prices and equilibria, which extended to the asymmetric information setting the … numeraire assets, and showed that a no-arbitrage condition characterized the existence of equilibrium, in both asset structures … information models with real assets. Namely, we show that the existence of a pseudo-equilibrium is still guaranteed by a no-arbitrage …

equilibrium prices are determined, may still refine their information by eliminating sequentially "arbitrage state(s)", namely …, the state (s) which would grant the agent an arbitrage, if realizable. This article provides a dual behavior of the one …