No unbounded arbitrage, weak no market arbitrage and no arbitrage price system conditions: The circular results

Manh-Hung Nguyen () and Thai Ha-Huy ()
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Manh-Hung Nguyen: THEMA, Cergy-Pontoise University
Thai Ha-Huy: CES, Paris-1 Pantheon-Sorbonne University

No 2008-08, THEMA Working Papers from THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise

Abstract: Page and Wooders (1996) prove that the no-unbounded-arbitrage (NUBA) condition introduced by Page (1987) is equivalent to the existence of a no arbitrage price (NAPS) when no agent has non-null useless vectors. Al- louch, Le Van and Page (2002) show that their generalized NAPS condition is actually equivalent to the weak-no-market-arbitrage (WNMA) condition introduced by Hart (1974). They mention that this result implies the one given by Page andWooders (1996). In this note, we show that these results are actually circular.

Keywords: Arbitrage; Equilibrium; Recession cone. (search for similar items in EconPapers)
JEL-codes: C62 D50 (search for similar items in EconPapers)
Date: 2008
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Working Paper: No Unbounded Arbitrage, Weak No Market Arbitrage and No Arbitrage Price System Conditions: The Circular Results (2008)
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