Herdegen, Martin; Schweizer, Martin - 2016 - This version: January 12, 2016
start from two simple, economically motivated axioms, namely absence of arbitrage (in the sense of NUPBR) and absence of … relative arbitrage among all buy-and-hold strategies (called static efficiency). A valuation process for a payoff is then … characterize completeness for general semimartingale financial markets and connect this to the classic theory …