We reconsider the microeconomic foundations of financial economics. Motivated by the importance of Knightian uncertainty in markets, we present a model that does not carry any probabilistic structure ex ante, yet is based on a common order. We derive the fundamental equivalence of economic viability of asset prices and absence of arbitrage. We also obtain a modified version of the fundamental theorem of asset pricing using the notion of sublinear pricing measures. Different versions of the efficient market hypothesis are related to the assumptions one is willing to impose on the common order.

中文翻译：

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骑士不确定性下的生存力和套利

我们重新考虑了金融经济学的微观经济学基础。受骑士式不确定性在市场中的重要性的激励，我们提出了一个模型，该模型不具有事前的任何概率结构，而是基于共同的顺序。我们得出资产价格在经济上的可行性与没有套利的基本对等。我们还使用亚线性定价方法的概念获得了资产定价基本定理的修改版本。有效市场假说的不同版本与一个人愿意强加给共同订单的假设有关。