In [2], we had extended the classical concepts and arbitrage theory of symmetric information, to an asymmetric … enough information, in this model, to rule out arbitrage from markets. In [4], we extended to that model Cass' (1984 … generalized no-arbitrage condition introduced in [2], whether agents had symmetric or asymmetric information. We now display the …

information of the adverse selection's type, Cornet-De Boisdeffre (2002) introduced refined concepts of price, arbitrage and a so …-called «no-arbitrage equilibrium», which extended to the asymmetric setting the classical concepts of the symmetric information … literature. We now show a no-arbitrage equilibrium exists, for any given no-arbitrage asset price, under the same standard …

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

equilibrium theory [1,7,10], under the standard assumption that agents had perfect foresights, that is they knew, ex ante, which … existence of such equilibrium is still characterized by the no-arbitrage condition of finance. This result, which extends our …

) 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 …

] 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 …

she trades shares. To predict the impact on the stock price, she uses a state price process, her price theory. The firm … investment. We then impose that price theories be compatible with the observed equilibrium: they should satisfy a no-arbitrage …