Nonnegative Wealth, Absence of Arbitrage, and Feasible Consumption Plans

Philip H Dybvig, Sloan School of Management, Chi-Fu Huang

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English

Hutson Street Press
22 May 2025

Finance; Investment & securities; Calculus & mathematical analysis

Summary
Details

This technical paper delves into the theoretical relationship between nonnegative wealth, the absence of arbitrage, and feasible consumption plans within a financial economics framework. Authored by Philip H. Dybvig and Chi-fu Huang of the Sloan School of Management, the study provides rigorous analysis applicable to advanced research in financial modeling and economic theory. It examines conditions under which economic agents can construct consumption plans that are both feasible and consistent with the fundamental principle of no-arbitrage, ensuring that no risk-free profit opportunities exist in the market. The paper explores how the requirement of nonnegative wealth impacts the structure of optimal consumption and investment strategies. A key resource for academics and researchers working on mathematical finance and economic equilibrium.

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By: Philip H Dybvig, Chi-Fu Huang
Created by: Sloan School of Management
Imprint: Hutson Street Press
Dimensions: Height: 234mm, Width: 156mm, Spine: 2mm
Weight: 59g
ISBN: 9781024205022
ISBN 10: 1024205029
Pages: 32
Publication Date: 22 May 2025
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active