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What is Law of One Price in Security Pricing about?

The document discusses the law of one price (LOP) in the context of security pricing, emphasizing that portfolios with identical future payoffs must have the same price. It defines key concepts such as linear pricing rules, redundancy in securities, and the conditions under which the LOP holds, including the absence of arbitrage. Theorems are presented to establish the relationship between LOP, linear pricing, and market redundancy.

Author

박장환

Language

EN