Theory of Probability &Its Applications, Volume 65, Issue 2, Page 322-329, January 2020.
We provide an equivalent characterization of the absence of arbitrage opportunity for the bid and ask financial market model. This result, which is an analogue of the Dalang--Morton--Willinger theorem formulated for discrete-time financial market models without friction, supplements and improves the Grigoriev theorem for conic models in the two-dimensional case by showing that the set of all terminal liquidation values is closed.

中文翻译：

---

Kabanov模型的Grigoriev定理的补充

概率论及其应用，第65卷，第2期，第322-329页，2020年1月。
我们等效地描述了竞价和要价金融市场模型没有套利机会的特征。该结果类似于为不具摩擦的离散时间金融市场模型制定的Dalang-Morton-Willinger定理的类似物，它通过证明在所有情况下的所有集合都对圆锥模型的Grigoriev定理进行了补充和改进。终端清算价值已关闭。