= Arrow–Debreu state price
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{title2=$q_s=p_sZ_s$}
= Arrow state price
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On a finite state space, the Arrow–Debreu state price is the current price of a payoff equal to one in state $s$ and zero elsewhere. It equals the physical state probability times the <state-price density> in that state. With a riskless asset of deterministic prices $B_0,B_1$, the <Arrow state prices> sum to $B_0/B_1$. Normalizing them gives the <risk-neutral probabilities>, while division by the physical probabilities instead recovers the pricing density.
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