Towards a Semigroup Pricing Theory
提出在无套利经济中，未来证券股息映射到当前价格的线性算子构成一个演化半群，并用实例展示该方法如何复现连续时间定价结果并探索新进展。
ABSTRACT In an arbitrage‐free economy, there will always exist a set of linear operators which map future contingent dividends of securities into their current prices. It happens that such operators will also form an “evolution semigroup” as a consequence of intertemporal analysis of the no‐arbitrage restriction. This paper summarizes some of the major implications of the semigroup properties, but avoids almost all of the technical discussion which underlies them. Instead, several practical examples are presented. Some well‐known continuous‐time results are replicated by this alternative method, and certain new developments are explored.