information of the adverse selection's type, Cornet-De Boisdeffre (2002) introduced refined concepts of price, arbitrage and a so …-called «no-arbitrage equilibrium», which extended to the asymmetric setting the classical concepts of the symmetric information … literature. We now show a no-arbitrage equilibrium exists, for any given no-arbitrage asset price, under the same standard …

equilibrium prices belong to all agents expectations sets. We prove that the existence of a CFE is still characterized by the no-arbitrage …

portfolio restrictions, there is a need to differentiate individual arbitrage opportunities from those at the aggregate level …), this difference in the notion of arbitrage at the individual level and the aggregate level is characterized. Extending the … 2-date result of Hens et al., we show that generically there will be some arbitrage opportunities that remain …