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Yeah, this is the thing:1. If there exist an Equivalent Martingale Measure such that the discounted present value of an asset is equal to the spot price, then there is no arbitrage price (First Fundamental Theorem of Asset Pricing).2. If there is only one Equivalent Martingale Measure, then the market is said to be complete (Second Fundamental Theorem of Asset Pricing).
Yeah, this is the thing:
1. If there exist an Equivalent Martingale Measure such that the discounted present value of an asset is equal to the spot price, then there is no arbitrage price (First Fundamental Theorem of Asset Pricing).
2. If there is only one Equivalent Martingale Measure, then the market is said to be complete (Second Fundamental Theorem of Asset Pricing).
