No free lunch with vanishing risk

No free lunch with vanishing risk (NFLVR) is a concept used in mathematical finance as a strengthening of the no-arbitrage condition. In continuous time finance the existence of an equivalent martingale measure (EMM) is no more equivalent to the no-arbitrage-condition, but is instead equivalent to the NFLVR-condition. This is known as the first fundamental theorem of asset pricing.

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