Market viability via absence of arbitrage of the first kind
Kardaras, C.
(2012).
Market viability via absence of arbitrage of the first kind.
Finance and Stochastics,
16(4), 651-667.
https://doi.org/10.1007/s00780-012-0172-5
(2012).
Market viability via absence of arbitrage of the first kind.
Finance and Stochastics,
16(4), 651-667.
https://doi.org/10.1007/s00780-012-0172-5
It is shown that, in a semimartingale financial market model, there is equivalence between absence of arbitrage of the first kind (a weak viability condition) and the existence of a strictly positive process that acts as a local martingale deflator on nonnegative wealth processes.