The No Trade Principle in General Environments

Ngai-Ching Wong and Man-Chung Ng

No 630, Econometric Society 2004 Far Eastern Meetings from Econometric Society

Abstract: The no trade principle asserts that risk-neutral agents are not prepared to trade if and only if a common prior exists. The purpose of this article is to provide general versions of this principle. We first study the case when no topological assumption is made on the state space. Bets are uniform limits of bounded measurable functions. We then assume that the state space is completely regular Hausdorff and consider two cases in which bets are continuous functions and bounded continuous functions respectively

Keywords: No Trade Principle; common priors; duality; completely regular Hausdorff; Separation Theorem (search for similar items in EconPapers)
JEL-codes: C70 D82 D84 (search for similar items in EconPapers)
Date: 2004-08-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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