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Manh-Hung Nguyen, Thai Ha-Huy, 2008. "No Unbounded Arbitrage, Weak No Market
Arbitrage and No Arbitrage Price System
Conditions: the Circular Results."
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| Published as:
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| Manh-Hung Nguyen, Thai Ha-Huy, 2010 No Unbounded Arbitrage, Weak No Market Arbitrage and No Arbitrage Price System Conditions: the Circular Results., Journal of Mathematical Economics, Volume 46, Issue 1, 20 January 2010, Pages 128-131
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| Abstract: |
| Page and Wooders (1996) prove that the no-unbounded-arbitrage (NUBA)
condition introduced by Page (1987) is equivalent to the existence of a no
arbitrage price (NAPS) when no agent has non-null useless vectors. Al-
louch, Le Van and Page (2002) show that their generalized NAPS condition
is actually equivalent to the weak-no-market-arbitrage (WNMA) condition
introduced by Hart (1974). They mention that this result implies the one
given by Page andWooders (1996). In this note, we show that these results
are actually circular. |
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