Finite-strike nonidentification of a pricing density ($\{C(K_i){\}}_{i=1}^n\nRightarrow \text{a unique pricing density}$)

Finitely many call prices impose finitely many payoff-moment constraints. They do not require a continuous terminal law or determine prices of arbitrary new claims. For example, $S_0=1$, terminal values $1/2$ and $2+\sqrt{2}$, and upper-state probability $3-2\sqrt{2}$ give $C(1)=\sqrt{2}-1$, matching the $p=2$ power curve. A payoff vanishing on these two states must cost zero, whereas integration against the power curve's strictly positive density can assign it a positive cost. A pricing density intended for arbitrary claims must be compatible with an equivalent law on the actual state space.