's purpose is twofold. First, it defines no-arbitrage prices, which comprise all equilibrium prices, and displays their revealing …

's purpose is twofold. First, it defines no-arbitrage prices, which comprise all equilibrium prices, and displays their revealing …

[1975] and Radner [1979], equilibrium always existed in this model, as long as agents' anticipations precluded arbitrage …. Hereafter, we suggest it may be otherwise. We propose to show that agents, whose prior anticipation sets yield an arbitrage, may … eventually infer smaller arbitrage-free anticipation sets, which cannot be narrowed down any further. Once these sets are …

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 …

the first period, which clear on all markets ex post. We introduce no-arbitrage prices and display their revealing …

about arbitrage, the LOP underlies every core proposition in neoclassical trade theory, e.g. the factor price equalization … knowledge is non-tradable and even non-contractible, so that arbitrage is limited or impossible. Therefore, the LOP can be …

arbitrage or financial innovation arise from mispricings caused by the presence of confused investors or other distortions, such … market-making is harmful. Rather than arbitrage facilitating the flow of risk to those who can most efficiently bear it, this … harmful arbitrage allocates risk to those who least understand it. The beneficial effects of efficient pricing on real …

] 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 …