Consider an economy with \(S\) possible states of the world, such that \(e_{1} \leq \ldots \leq e_{S}\), and such that the price-dividend couple \((p, D)\) is arbitrage free and complete. In correspondence of an equilibrium allocation of an economy populated by risk averse agents, the price \(q_{1}^{*}\) of the first Arrow security is greater or smaller than \(1 / r_{f}\) ?