The Second Fundamental Theorem of Asset Pricing: A New Approach
提出一种不依赖无套利和等价鞅测度的市场完备性新定义，该定义保留了第二基本定理，允许市场完备但存在套利，并在无套利假设下与传统定义等价。
This article presents a new definition of market completeness that is independent of the notions of no arbitrage and equivalent martingale measures. Our definition has many advantages, all shown herein. First, it preserves the Second Fundamental Theorem of Asset Pricing, even in complex economies. Second, under our definition, the market can be complete yet arbitrage opportunities exist. This is important in practice, and stands in contrast to the traditional definitions. Third, under the assumptions of no arbitrage and when used in the standard models, our definition is equivalent to the traditional one.