Consider an arbitrage free market with N +1 risky securities, with the price of each represented by an Ito process. There is no riskless asset in this market. (a) Describe the role of the Martingale measure in pricing contingent claims on these assets. (b) Discuss how the price processes of these assets can be expressed as SDEs in the risk neutral world using the appropriate Martingale measure. (Describe in detail the use of the appropriate theorems in this transformation.) (c) Discuss in some detail how these price processes specialize in the Black-Scholes market? Consider an arbitrage free market with N +1 risky securities, with the price of each represented by an Ito process. There is no riskless asset in this market. (a) Describe the role of the Martingale measure in pricing contingent claims on these assets. (b) Discuss how the price processes of these assets can be expressed as SDEs in the risk neutral world using the appropriate Martingale measure. (Describe in detail the use of the appropriate theorems in this transformation.) (c) Discuss in some detail how these price processes specialize in the Black-Scholes market