Before revision:  The dual characterization of  super-replication cost is provided. It is shown that the reservation prices of investors converge to this cost as their respective risk-aversion tends to infinity.
After revision:  The dual characterization of super-replication cost . Then, we show the existence of optimal strategies for investors maximizing their expected utility and the convergence of their reservation prices to the super-replication cost as their respective risk-aversion tends to infinity.