) introduced refined concepts of "no-arbitrage" prices and equilibria, which extended to the asymmetric information. We now present … markets preclude arbitrage, under similar standard conditions, whether agents have symmetric or asymmetric information. This …

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 …

) introduced refined concepts of " no-arbitrage " prices and equilibria, which extended to the asymmetric information. We now … financial markets preclude arbitrage, under similar standard conditions, whether agents have symmetric or asymmetric information …

information of the adverse selection's type, Cornet-De Boisdeffre (2002) introduced refined concepts of no-arbitrage prices and …, we prove that no-arbitrage prices fully characterize equilibrium security prices, in the sense that each equilibrium … security price is arbitrage-free and each no-arbitrage price can be embedded as a no-arbitrage equilibrium security price. This …

existence of such equilibrium is still characterized by the no-arbitrage condition of finance. This result, which extends our …

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

-called "correct foresights equilibrium" was characterized by the no-arbitrage condition of finance. We now extend this result to the …