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Large financial markets, discounting, and no asymptotic arbitrage
Teoriâ veroâtnostej i ee primeneniâ, Tome 65 (2020) no. 2, pp. 237-280 Cet article a éte moissonné depuis la source Math-Net.Ru

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For a large financial market (which is a sequence of usual, “small” financial markets), we introduce and study a concept of no asymptotic arbitrage (of the first kind), which is invariant under discounting. We give two dual characterizations of this property in terms of (1) martingale-like properties for each small market plus (2) a contiguity property, along the sequence of small markets, of suitably chosen “generalized martingale measures.” Our results extend the work of Rokhlin, Klein, and Schachermayer and Kabanov and Kramkov to a discounting-invariant framework. We also show how a market on $[0,\infty)$ can be viewed as a large financial market and how no asymptotic arbitrage, both classic and in our new sense, then relates to no-arbitrage properties directly on $[0,\infty)$.
Keywords: large financial markets, asymptotic arbitrage, discounting, no asymptotic arbitrage (NAA), no unbounded profit with bounded risk (NUPBR), asymptotic strong share maximality, dynamic share viability, asymptotic dynamic share viability, tradable discounter. 
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D. A. Balint; M. Schweizer. Large financial markets, discounting, and no asymptotic arbitrage. Teoriâ veroâtnostej i ee primeneniâ, Tome 65 (2020) no. 2, pp. 237-280. http://geodesic.mathdoc.fr/item/TVP_2020_65_2_a1/

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