Efficient funds for meager asset spaces (Q1093505): Difference between revisions
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Revision as of 20:00, 19 March 2024
scientific article
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English | Efficient funds for meager asset spaces |
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Efficient funds for meager asset spaces (English)
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1987
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For finite state space models of securities markets, there exists a portfolio of traded securities on which conventional call (or put) options suffice to complete securities markets. Moreover, these ``efficient funds'' are generic. The objective of this paper is to present a class of ``larger'' models of securities markets for which existence and genericity of efficient funds obtains. Conditions abstracted from the finite state space case serve to define a meager asset space. It is shown that for meager asset spaces (satisfying a separability condition) efficient funds exist and are generic in a category theoretic sense.
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finite state space models
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securities markets
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existence and genericity of efficient funds
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meager asset space
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