Ha-Huy, Thai; Van, Cuong Le; Nguyen, Manh-Hung - Institut de Préparation à l'Administration et à la … - 2014
We consider a model with an inffnite number of states of nature, von Neumann - Morgenstern utilities, where agents have different probabil- ity beliefs and where short sells are allowed. We show that no-arbitrage conditions, deffned for ffnite dimensional asset markets models, are not sufficient...
