Nonnegative Wealth, Absence of Arbitrage, and Feasible Consumption Plans
成果类型：
Article
署名作者：
Dybvig, Philip H.; Huang, Chi-fu
署名单位：
Washington University (WUSTL); Massachusetts Institute of Technology (MIT)
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454
DOI：
10.1093/rfs/1.4.377
发表日期：
1988
页码：
377
关键词：
摘要：
A restriction to nonnegative wealth is sufficient to preclude all arbitrage opportunities in financial models that have no arbitrage in limits of simple strategies. Imposing nonnegative wealth does not constrain agents from making the choice they would make under the standard integrability condition. These conclusions do not depend on whether markets are complete.
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