Arbitrage, Bubbles, and Valuation
指出当可交易资产无限多时，标准现值规则可能失效，并给出一个无套利且可成为无摩擦市场均衡价格的例子，利用估值理论将资产价格分解为基本价值和定价泡沫。
The standard present value rule of asset pricing may fail in financial markets when infinitely many assets can be traded. I provide an example of asset payoffs and prices such that prices are arbitrage-free, and could be equilibrium prices in frictionless markets. Using valuation theory methods I show that asset prices can be meaningfully decomposed into a fundamental value and a pricing bubble. The fundamental value obeys the present value rule.