Nonnegative Wealth, Absence of Arbitrage, and Feasible Consumption Plans

被引：83

作者：

Dybvig, Philip H. ^{[1
]}

Huang, Chi-fu ^{[2
]}

机构：

[1] Washington Univ, St Louis, MO 63130 USA

[2] MIT, Cambridge, MA 02139 USA

来源：

REVIEW OF FINANCIAL STUDIES | 1988年 / 1卷 / 04期

关键词：

D O I：

10.1093/rfs/1.4.377

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A restriction to nonnegative wealth is sufficient to preclude all arbitrage opportunities in financial models that have no arbitrage in limits of simple strategies. Imposing nonnegative wealth does not constrain agents from making the choice they would make under the standard integrability condition. These conclusions do not depend on whether markets are complete.

引用

页码：377 / 401

页数：25

共 26 条

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