A financial market model where agents trade using realistic combinations of simple (i.e., finite combinations of buy-and-hold) no-short-sales strategies is considered. Minimal assumptions are made on the discounted asset-price process â in particular, the semimartingale property is not assumed....

The paper presents a law of large numbers for the asymptotic macroscopic nonequilibrium dynamics of wide range exclusion processes with births and deaths on a random set of sites.

Given a semimartingale one can construct a system ([lambda], A, B, C) where [lambda] is the distribution of the initial value and (A, B, C) is the triple of global characteristics. Thus, given a process X and a system ([lambda], A, B, C) one can look for all probability measures P such that X is...