We prove that for locally bounded processes the absence of arbitrage opportunities of the first kind is equivalent to the existence of a dominating local martingale measure. This is related to and motivated by results from the theory of filtration enlargements.
CITATION STYLE
Imkeller, P., & Perkowski, N. (2015). The existence of dominating local martingale measures. Finance and Stochastics, 19(4), 685–717. https://doi.org/10.1007/s00780-015-0264-0
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