functional given by an arbitrage-free market can be identified with a full support martingale measure (instead of equivalent … martingale measure). We relate the no-arbitrage theory to economic equilibrium by establishing a variant of the Harrison …

endogenously as full support martingale measures (instead of equivalent martingale measures). A variant of the Harrison …-Kreps-Theorem on viability and no arbitrage is shown. Finally, we show how to embed the superhedging problem in a classical infinite …

There are two major streams of literature on the modeling of financial bubbles: the strict local martingale framework … can exhibit strict local martingale behavior, we clarify the connection between these previously disconnected approaches …. While the original JLS model is never a strict local martingale, there are relaxations which can be strict local martingales …

endogenously as full support martingale measures (instead of equivalent martingale measures). A variant of the Harrison …-Kreps-Theorem on viability and no arbitrage is shown. Finally, we show how to embed the superhedging problem in a classical infinite …