No Unbounded Arbitrage, Weak No Market Arbitrage and No Arbitrage Price System Conditions: The Circular Results
AbstractPage and Wooders (1996) prove that the no-unbounded-arbitrage (NUBA) condition introduced by Page (1987) is equivalent to the existence of a no arbitrage price (NAPS) when no agent has non-null useless vectors. Allouch, Le Van and Page (2002) show that their generalized NAPS condition is actually equivalent to the weak-no-market-arbitrage (WNMA) condition introduced by Hart (1974). They mention that this result implies the one given by Page andWooders (1996). In this note, we show that these results are actually circular.
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Bibliographic InfoPaper provided by Development and Policies Research Center (DEPOCEN), Vietnam in its series Working Papers with number 04.
Length: 6 pages
Date of creation: Jan 2008
Date of revision:
Arbitrage; Competitive equilibrium;
Other versions of this item:
- Manh-Hung Nguyen & Thai Ha-Huy, 2008. "No unbounded arbitrage, weak no market arbitrage and no arbitrage price system conditions: The circular results," THEMA Working Papers 2008-08, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-02-09 (All new papers)
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