Arbitrage and equilibrium in economies with short-selling and ambiguity
Cuong Tran-Viet * , Thai Ha-Huy  1@  , Cuong Le Van@
1 : Maître de conférences
University of Evry-Val-d'Essonne
* : Corresponding author

We consider a model with a finite number of states of nature where short sells are allowed. The agents are ambiguous in the probabilities of the outcomes and they are averse at ambiguity. Each agent faces a set of ambiguity. We present a notion of no-arbitrage price weaker than the one of Werner (1987), and prove the existence of one common weak no-arbitrage price is equivalent to the existence of equilibrium. 


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