We prove that  for locally bounded processes, the absence of arbitrage  of the first kind is equivalent to the existence of a dominating local martingale measure. This is related to  results from the theory of filtration enlargements.
We prove that , for locally bounded processes, absence of arbitrage opportunities of the first kind is equivalent to the existence of a dominating local martingale measure. This is related to and motivated by results from the theory of filtration enlargements.
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the
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opportunities
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and motivated by