Seminar series
Date
Fri, 04 May 2012
Time
14:00 -
15:00
Location
DH 1st floor SR
Speaker
Prof Kostas Kardars
Organisation
Boston University
In this talk, we elaborate on the notions of no-free-lunch that have proved essential in the theory of financial mathematics---most notably, arbitrage of the first kind. Focus will be given in most recent developments. The precise connections with existence of deflators, numeraires and pricing measures are explained, as well as the consequences that these notions have in the existence of bubbles and the valuation of illiquid assets in the market.