equivalent sigma-martingale measurefor the price process, and the equivalence of no arbitrage of the first kind to the existence … of anequivalent local martingale deflator for the set of nonnegative wealth processes.[...] …

An equivalent !-martingale measure (E!MM) for a given stochastic process Sis a probability measure R equivalent to the … original measure P such that S isan R-!-martingale. Existence of an E!MM is equivalent to a classical absenceof …