146 8 Arbitrage Theory in Continuous Time: an Overview
namely zero. This program is worked out in Chap. 14 below in full detail and
eventually yields a proof of Proposition 8.3.4 and therefore of Theorem 8.3.1.
After proving theFundamental Theorem of Asset Pricingin the version of
Theorem 8.3.1 in the first part of Chap. 14 we also extend its twin, the “su-
perreplication theorem” (see Theorem 2.4.2 for the most elementary version)
to its natural degree of generality in the setting of general semi-martingale
models (see Theorem 14.5.9).
We now arrived at the point where we finish this “guided tour” which
should help to develop the intuition by some informal arguments. Now we
have to refer the reader to the original papers for a rigorous mathematical
treatment.