Kardaras, Constantinos - In: Finance and Stochastics 16 (2012) 4, pp. 651-667
It is shown that, in a semimartingale financial market model, there is equivalence between absence of arbitrage of the first kind (a weak viability condition) and the existence of a strictly positive process that acts as a local martingale deflator on nonnegative wealth processes. Copyright...