Le principe d'arbitrage en économie financiere

Hal R. Varian

Annals of Economics and Statistics, 1988, issue 10, 1-22

Abstract: This paper shows the power of the arbitrage principle in financial economics. This principle yields some equilibrium conditions which can be used to calculate the values of many securities and financial assets. It is applied to the comparison between American and European options. It is also shown how the principle may serve to evaluate derivative assets.

Date: 1988
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