摘要翻译：
研究了连续时间扩散股票市场模型对市场完全性和不完全性进行统计评价的可能性。众所周知，市场完备性不是一个鲁棒性：系数的小的随机偏差将一个完全的市场模型转化为一个不完全的市场模型。本文证明了市场的不完全性也是非鲁棒的：微小的偏差可以将不完全模型转化为完全模型。更准确地说，对于任意一类模型中的不完全市场，存在一个股票价格与市场参数路径任意接近的完全市场模型。这就导致了一个违反直觉的结论，即从市场统计的角度来看，不完全市场与完全市场是无法区分的。
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英文标题：
《On statistical indistinguishability of the complete and incomplete
  markets》
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作者：
Nikolai Dokuchaev
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最新提交年份：
2013
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Pricing of Securities        证券定价
分类描述：Valuation and hedging of financial securities, their derivatives, and structured products
金融证券及其衍生产品和结构化产品的估值和套期保值
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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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一级分类：Quantitative Finance        数量金融学
二级分类：Statistical Finance        统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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一级分类：Quantitative Finance        数量金融学
二级分类：Trading and Market Microstructure        交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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英文摘要：
  The possibility of statistical evaluation of the market completeness and incompleteness is investigated for continuous time diffusion stock market models. It is known that the market completeness is not a robust property: small random deviations of the coefficients convert a complete market model into a incomplete one. The paper shows that market incompleteness is also non-robust: small deviations can convert an incomplete model into a complete one. More precisely, it is shown that, for any incomplete market from a wide class of models, there exists a complete market model with arbitrarily close paths of the stock prices and the market parameters. This leads to a counterintuitive conclusion that the incomplete markets are indistinguishable from the complete markets in the terms of the market statistics.
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PDF链接：
https://arxiv.org/pdf/1209.4695