English Abstract: The fundamental pricing theory of derivatives is based on the assumptions of arbitrage-free and … textbooks on derivatives present them in reverse order. In particular, they tend to neglect that the assumption of arbitrage … arbitrage-free and complete markets, as well as martingale measures, in three-dimensional figures. It is done by presenting …

textbooks do not clarify the fact that no-arbitrage conditions implies the existence of risk-neutral probability. This paper …

endogenous. By way of numerical examples, we explore the relationship between mean-variance equilibrium and free of arbitrage …

assumption of perfect capital markets and the associated arbitrage argument. In this text we review the perfect market assumption … and no-arbitrage principle. Then, we restate and comment the proofs of MM proposition in current perspectives. We focus on … the evolution on the understanding of arbitrage, the breakthrough from a deterministic world into a world of uncertainty …