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A financial market is complete if all contingent claims are attainable, which can be determined by the existence of a unique equivalent martingale measure (EMM). The second fundamental theorem of asset pricing states that the uniqueness of an EMM indicates a complete and arbitrage-free market. The document also discusses the application of this theory in a binomial model, demonstrating the pricing and hedging of options through recursive calculations.

Author

rainysonata.co

Language

EN