A New Perspective on the Fundamental Theorem of Asset Pricing for Large Financial Markets
A New Perspective on the Fundamental Theorem of Asset Pricing for Large Financial Markets
In the context of large financial markets we formulate the notion of no asymptotic free lunch with vanishing risk (NAFLVR), under which we can prove a version of the fundamental theorem of asset pricing (FTAP) in markets with an (even uncountably) infinite number of assets, as it is, for instance, …