{"paper":{"title":"How Non-Arbitrage, Viability and Num\\'eraire Portfolio are Related","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["math.OC","math.PR","q-fin.PM"],"primary_cat":"q-fin.GN","authors_text":"Jun Deng, Junfeng Ma, Tahir Choulli","submitted_at":"2012-11-19T21:26:50Z","abstract_excerpt":"This paper proposes two approaches that quantify the exact relationship among the viability, the absence of arbitrage, and/or the existence of the num\\'eraire portfolio under minimal assumptions and for general continuous-time market models. Precisely, our first and principal contribution proves the equivalence among the No-Unbounded-Profit-with-Bounded-Risk condition (NUPBR hereafter), the existence of the num\\'eraire portfolio, and the existence of the optimal portfolio under an equivalent probability measure for any \"nice\" utility and positive initial capital. Herein, a 'nice\" utility is an"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1211.4598","kind":"arxiv","version":3},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}