On the Second Fundamental Theorem of Asset Pricing

Let $X^1,\ldots, X^d$ be sigma-martingales on $(\Omega,{\cal F}, P)$. We show that every bounded martingale (with respect to the underlying filtration) admits an integral representation w.r.t. $X^1,\ldots, X^d$ if and only if there is no equivalent probability measure (other than $P$) under which $X^1,\ldots,X^d$ are sigma-martingales. From this we deduce the second fundamental theorem of asset pricing- that completeness of a market is equivalent to uniqueness of Equivalent Sigma-Martingale Measure (ESMM)

Size scale effect in cavitation erosion

An overview and data analyses pertaining to cavitation erosion size scale effects are presented. The exponents n in the power law relationship are found to vary from 1.7 to 4.9 for venturi and rotating disk devices supporting the values reported in the literature. Suggestions for future studies were made to arrive at further true scale effects