摘要翻译：
考虑一个由一定数量的不同公司组成的金融市场，并证明了以下陈述：从长远来看，一个特定的代理人一定会无条件地击败整个市场，或者（这个“或”不是唯一的）市场的全部资本将聚集在一个公司身上。因此，缺乏任何“相对于总资本的免费无界午餐”机会，导致市场多样性最戏剧性的失败：一家公司接管所有其他公司，直到时间结束。为了证明这一点，我们引入了完全平衡市场的概念，这是一种均衡状态，其中每个公司的相对资本化在物理概率下是一个鞅。然后，讨论了相对资本化的鞅性质仅近似成立的较弱的平衡市场概念，我们说明了这些概念如何与增长最优性和市场效率相关，以及我们如何推断在没有银行的情况下经济中隐含的影子利率。
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英文标题：
《Balance, growth and diversity of financial markets》
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作者：
Constantinos Kardaras
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最新提交年份：
2008
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Mathematics        数学
二级分类：Probability        概率
分类描述：Theory and applications of probability and stochastic processes: e.g. central limit theorems, large deviations, stochastic differential equations, models from statistical mechanics, queuing theory
概率论与随机过程的理论与应用：例如中心极限定理，大偏差，随机微分方程，统计力学模型，排队论
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英文摘要：
  A financial market comprising of a certain number of distinct companies is considered, and the following statement is proved: either a specific agent will surely beat the whole market unconditionally in the long run, or (and this "or" is not exclusive) all the capital of the market will accumulate in one company. Thus, absence of any "free unbounded lunches relative to the total capital" opportunities lead to the most dramatic failure of diversity in the market: one company takes over all other until the end of time. In order to prove this, we introduce the notion of perfectly balanced markets, which is an equilibrium state in which the relative capitalization of each company is a martingale under the physical probability. Then, the weaker notion of balanced markets is discussed where the martingale property of the relative capitalizations holds only approximately, we show how these concepts relate to growth-optimality and efficiency of the market, as well as how we can infer a shadow interest rate that is implied in the economy in the absence of a bank.
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PDF链接：
https://arxiv.org/pdf/0803.1858