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ralph lauren polo

 
Elyes Jouini
 
''Equilibrium pricing and market completion: a counterexample''
( 2020, Vol. 40 No.3 )
 
 
In both arbitrage and utility pricing approaches, the fictitious completion appears as a powerful tool that permits to extend complete markets results to an incomplete markets framework. Does this technique permit to characterize the equilibrium pricing interval? This note provides a negative answer.
 
 
Keywords: arbitrage pricing, utility pricing, equilibrium pricing, incomplete markets, fictitious completion
JEL:
D5 - General Equilibrium and Disequilibrium: General
 
Manuscript Received : Jul 24 2020 Manuscript Accepted : Aug 08 2020

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