论文标题
在没有数字的情况下
Supermartingale deflators in the absence of a numéraire
论文作者
论文摘要
在本文中，我们研究金融市场的套利理论，在离散和连续时间都没有数字的情况下。在我们的主要结果中，我们提供了没有有界风险（NUPBR）的无界利润与超级马丁盖尔压缩机的存在之间的经典等效性的概括。为了获得预期的结果，我们引入了一种基于基本概率空间瓦解的新方法，将市场在确定性时间崩溃的空间中。
In this paper we study arbitrage theory of financial markets in the absence of a numéraire both in discrete and continuous time. In our main results, we provide a generalization of the classical equivalence between no unbounded profits with bounded risk (NUPBR) and the existence of a supermartingale deflator. To obtain the desired results, we introduce a new approach based on disintegration of the underlying probability space into spaces where the market crashes at deterministic times.
