and industrial operators may benefit from arbitrage strategies by buying sCERs and selling EUAs (i.e. selling the EUAsCER …

commodity derivatives markets. First, this variable restores the non arbitrage relationship between the prices of the underlying …

price a given asset : the arbitrage approach through the existence of a risk-neutral density, the utility approach through a …

existence of an equivalent martingale measure. We also show that the only arbitrage-free pricing rules on the set of attainable …

quite general framework, we show that the assumption of no-arbitrage is essentially equivalent to the existence of a … the no-arbitrage condition in these imperfect models, from which it is easy to derive pricing formulae for contingent …

The problem of fair pricing of contingent claims is well understood in the contex of an arbitrage free, complete … financial market, with perfect information : the so-called arbitrage approach permits to construct a unique valuation operator …

costs, even satisfying usual no-arbitrage properties, may admit arbitrage opportunities of the second kind. This means that …