Title: No-arbitrage equilibria with differential information: a proof of existence
Abstract: On the example of a pure exchange financial economy with two periods, incomplete markets and differential information of the adverse selection's type, Cornet-De Boisdeffre (2002) introduced refined concepts of price, arbitrage and so-called equilibria, which extended to the asymmetric information setting the classical concepts of symmetric information. In this paper, we prove that a no-arbitrage equilibrium exists under the same standard conditions with symmetric and asymmetric information.
Publication Year: 2004
Publication Date: 2004-03-01
Language: en
Type: article
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