2. No arbitration opportunity condition

In this section, we explain the NA ( No Arbitrage) which is usually assumed in order to characterize the price of a derivative on a financial market. We use the notations and definitions from the previous paragraphs.

Definition 14. An arbitrage opportunity is a self-financed portfolio $V=V^{\widehat{\theta }}$ such that its initial capital is V ₀ = 0, such that P( V _T ≥ 0) = 1 (no risk of loss) and P( V _T > 0)...