= Josef Teichmann
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Josef Teichmann authored lectures on the <fundamental theorem of asset pricing>. The notes connect <no-arbitrage>, <equivalent local martingale measures> and replication, including a finite-state convex-geometric argument. This explains why a collection of quoted prices can be consistent precisely when an appropriate positive pricing measure exists under the theorem's hypotheses.<Fundamental Theorem of Asset Pricing by Josef Teichmann>[Slides 165–170 and 198–200]{ref}
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