The notion of compact city has become an important planning agenda to achieve a sustainable urban future. Although there is no universally accepted definition of a compact city, in terms of land use, the concept generally focuses on high-density and mixed-use development along with the promotion...

We show that the recent results on the Fundamental Theorem of Asset Pricing and the super-hedging theorem in the context of model uncertainty can be extended to the case in which the options available for static hedging (hedging options) are quoted with bid-ask spreads. In this set-up, we need...