EXPLAINING EXPORT REGIONAL INVOLVEMENT THROUGH MARKETING STRATEGY: THE CASE OF SPANISH COMPANIES EXPORTING TO LATIN AMERICA

Abstract

The equivalence between the absence of arbitrage and the existence of an equivalent martingale measure fails when an infinite number of trading dates is considered. By enlarging the set of states of nature and the probability measure through a projective system of topological spaces and Radon measures, we characterize the absence of arbitrage when the time set is countable.