we focus on are the calculation of the additional utility of the insider and a study of his free lunch possibilities. The … examples are given to illustrate additional utility and free lunch possibilities. In particular, if the insider has advance …

. Celen (2012) generalizes this theorem, which is well-known for subjective expected utility (SEU), to maxmin expected utility … contradiction with the principle of recursively defined utility. As a consequence, Celen's framework features dynamic inconsistency … recursive utility and thus respects dynamic consistency. …