Abstract
We demonstrate how pricing functionals give rise to pricing mea- sures, using a time-independent framework. For infinite market state spaces, the Gel'fand spectral theory for C ⁄ -algebras is used to obtain the pricing measure. Pricing functionals with additional market information are shown, within this model, to be given by conditional expectations. Our approach is time-independent, and the usual martingale property of prices appears as a special case in our method.
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