Prove Proposition 8.18. Proposition 8.18 In the context of the model described above (see Harrison & Kreps
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Prove Proposition 8.18.
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Proposition 8.18 In the context of the model described above (see Harrison & Kreps [903]), a price process (P)EN is consistent if and only if it satisfies the following condition: P = max 8E [d+1+P+1|], ae{1.....A) for all t N. (8.40) Note also that, for any consistent price process (pr)ren, since T = +00 is always a feasible selling strategy, condition (8.39) implies that Pimax Ed F for all t N. (8.41) ae{I.....A}
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Financial Markets Theory Equilibrium Efficiency And Information
ISBN: 9781447174042
2nd Edition
Authors: Emilio Barucci, Claudio Fontana
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