Before revision: With the finite signed Borel measures on the non-negative real time axis representing deterministic cash flows , it is shown that the only arbitrage-free price functional on these cash flows that fulfills some additional mild , economically motivated, requirements is the integral of the unit zero-coupon bond prices with respect to the measures that represent the cash flows .
After revision: In a market of deterministic cash flows, given as an additive, symmetric relation of exchangeability on the finite signed Borel measures on the non-negative real time axis representing deterministic cash flows , it is shown that the only arbitrage-free price functional on these cash flows that fulfills some additional mild , economically motivated, requirements is the integral of the unit zero-coupon bond prices with respect to the measures that represent the cash flows .