An Arrow Security is an instrument with a fixed payout of one unit in a specified state and no payout in other states. It is a type of hypothetical asset used in the Arrow market structure model. In contrast to the Arrow-Debreu market structure model, an Arrow market is a market in which the individual agents engage in trading assets at every time period t. In an Arrow-Debreu model, trading occurs only once at the beginning of time. An Arrow Security is an asset traded in an Arrow market structure model which encompasses a complete market. Arrow Security is also called State Contingent Claim, Supershare Option.
Arrow Security是一种在一种特定情况下有固定支出但在其他情况下无支出的工具。它是一种用于Arrow市场结构建模的假想资产。不同于Arrow-Debreu市场结构建模，Arrow市场是独立代理人可以在任何时间段参与交易资产的市场，而在Arrow-Debreu模型中，交易只能在开始时发生一次。Arrow Security是包含一个完整市场的Arrow市场结构模型中的资产。Arrow Security也叫做状态未定权益，超级分享期权