Nonnegative Wealth, Absence of Arbitrage, and Feasible Consumption Plans
证明在无简单策略极限套利的金融模型中,限制财富非负足以排除所有套利机会,且不限制代理人的选择,结论不依赖市场是否完备。
A restriction to nonnegative wealth is sufficient to preclude all arbitrage opportunities in financial models that have no arbitrage in limits of simple strategies. Imposing nonnegative wealth does not constrain agents from making the choice they would make under the standard integrability condition. These conclusions do not depend on whether markets are complete.