Asset pricing and hedging in financial markets with

Working Paper Series

Asset pricing and hedging in financial markets with transaction costs: an approach based on the von Neumann-Gale model

Dempster, M A H, Evstigneev, I V and Taksar, M I

WP 06/2005 Judge Business School University of Cambridge Trumpington Street Cambridge CB2 1AG, UK www.jbs.cam.ac.uk

These papers are produced by Judge Business School, University of Cambridge. They are circulated for discussion purposes only, their contents should be considered preliminary and are not to be quoted without the authors’ permission.

Asset pricing and hedging in financial markets with transaction costs: an approach based on the von Neumann-Gale model

Dempster, M A H, Evstigneev, I V and Taksar, M I

WP 06/2005

M A H Dempster Centre for Financial Research Judge Business School University of Cambridge [email protected] I V Evstigneev M I Taksar Economic Studies Mathematics Department School of Social Sciences University of Missouri University of Manchester Columbia, MO, USA [email protected] [email protected]

Please address enquiries about the series to: Research Support Manager Judge Business School Trumpington Street Cambridge CB2 1AG, UK Tel: 01223 760546 Fax: 01223 339701 E-mail: [email protected]

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