Projective system approach to the martingale characterization of the absence of arbitrage

dc.contributor.author	Balbás, Alejandro
dc.contributor.author	Mirás, Miguel Ángel
dc.contributor.author	Muñoz-Bouzo, María José
dc.date.accessioned	2006-11-07T09:14:17Z
dc.date.available	2006-11-07T09:14:17Z
dc.date.issued	2001-03
dc.identifier.uri	http://hdl.handle.net/10016/55
dc.description.abstract	The equivalence between the absence of arbitrage and the existence of an equivalent martingale measure fails when an infinite number of trading dates is considered. By enlarging the set of states of nature and the probability measure through a projective system of topological spaces and Radon measures, we characterize the absence of arbitrage when the time set is countable.
dc.format.extent	183401 bytes
dc.format.mimetype	application/pdf
dc.language.iso	eng
dc.relation.ispartofseries	Workings Paper. Bussiness Economics
dc.relation.ispartofseries	2001-05
dc.title	Projective system approach to the martingale characterization of the absence of arbitrage
dc.type	workingPaper
dc.subject.eciencia	Empresa
dc.rights.accessRights	openAccess
dc.identifier.repec	wb011505
dc.affiliation.dpto	UC3M. Departamento de Economía de la Empresa