Before revision:  This can be accomplished by taking various routes through some auxiliary considerations, namely Arrow-Debreu securities, digital options or backward processes when the CRR model is extended to an infinite state space . The latter also leads to an interesting new phenomenon  .
After revision:  This can be accomplished by taking various routes through some auxiliary considerations, namely Arrow-Debreu securities, digital options or backward processes when the CRR model is extended to an infinite state space which leads to an interesting new phenomenon .