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No Unbounded Arbitrage, Weak No Market Arbitrage and No Arbitrage Price System Conditions: The Circular Results

Listed author(s):
  • Manh-Hung Nguyen


    (THEMA, Cergy-Pontoise University)

  • Thai Ha-Huy


    (CES, Paris-1 Pantheon-Sorbonne University)

Registered author(s):

    Page 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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    Paper provided by Development and Policies Research Center (DEPOCEN), Vietnam in its series Working Papers with number 04.

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    Length: 6 pages
    Date of creation: Jan 2008
    Handle: RePEc:dpc:wpaper:0408
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