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. Al- louch, 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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Date of creation: 2008
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Arbitrage; Equilibrium; Recession cone.;
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," Working Papers 04, Development and Policies Research Center (DEPOCEN), Vietnam.
- 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
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- NEP-ALL-2008-04-04 (All new papers)
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