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		<updated>2014-07-08T00:51:01Z</updated>

		<summary type="html">&lt;p&gt;added &lt;a href=&quot;/index.php?title=Category:Heat_transfer&amp;amp;action=edit&amp;amp;redlink=1&quot; class=&quot;new&quot; title=&quot;Category:Heat transfer (page does not exist)&quot;&gt;Category:Heat transfer&lt;/a&gt;; removed {{uncategorized}} using &lt;a href=&quot;/index.php?title=WP:HC&amp;amp;action=edit&amp;amp;redlink=1&quot; class=&quot;new&quot; title=&quot;WP:HC (page does not exist)&quot;&gt;HotCat&lt;/a&gt;&lt;/p&gt;
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				&lt;td colspan=&quot;2&quot; style=&quot;background-color: #fff; color: #202122; text-align: center;&quot;&gt;← Older revision&lt;/td&gt;
				&lt;td colspan=&quot;2&quot; style=&quot;background-color: #fff; color: #202122; text-align: center;&quot;&gt;Revision as of 02:51, 8 July 2014&lt;/td&gt;
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&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;{{too technical|date&lt;/del&gt;=&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;December 2013}}&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Sorts of [https://www.google.com/search?hl=en&amp;amp;gl=us&amp;amp;tbm=nws&amp;amp;q&lt;/ins&gt;=&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;kitchen+knives kitchen knives] are not literally imply to its sharpness or dullness but it has divided into a lot of form in accordance to its use.  A chef&lt;/ins&gt;&#039;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;s knife is one particular of the most critical things you need to have in the kitchen. It&lt;/ins&gt;&#039;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;s not &lt;/ins&gt;a &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;superior &lt;/ins&gt;concept &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;to shop knives loosely &lt;/ins&gt;in &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;a kitchen drawer mainly because it can be dangerous to unwary cooks and &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;blades can very easily be nicked as they slide around with &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;other kitchen gadgets&lt;/ins&gt;.  &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Knife safes are created of tough, food grade plastic and come in a quantity &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;distinct sizes &lt;/ins&gt;to &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;fit different size blades&lt;/ins&gt;.  &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;This &lt;/ins&gt;is &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;generally a thin wooden block with slots to keep &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;knives in place.  Like all &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;you, I have had lots &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;knives&lt;/ins&gt;.&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Wusthof is a further respected brand of sharp knives &lt;/ins&gt;and &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;much less pricey than any of &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;lines &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;fine Shun Knives.Wusthof German knives organization produces a four-piece classic steak knife set in a higher&lt;/ins&gt;-&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;good quality artistic metal case for gifts and for show in your own kitchen location&lt;/ins&gt;.  &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;These steak knives were redesigned for a streamlined appearance that exposes &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[http:&lt;/ins&gt;//&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Www.Bing.com&lt;/ins&gt;/&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;search?q&lt;/ins&gt;=&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;complete+blade&amp;amp;form&lt;/ins&gt;=&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;MSNNWS&amp;amp;mkt&lt;/ins&gt;=&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;en-us&amp;amp;pq&lt;/ins&gt;=&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;complete+blade complete blade] edge for superior performance and maximum sharpening capacity.  &lt;/ins&gt;The &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;small set I received last Christmas was fairly fantastic for a commence.&lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Worldwide kitchen knives follow &lt;/ins&gt;that &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;tradition, expertly blending practicality and strength with aesthetic beauty &lt;/ins&gt;and &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;presence&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Users may well debate on the very best high quality &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;the blades, irrespective &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;whether it &lt;/ins&gt;is &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;the best balance which comes from &lt;/ins&gt;a &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;exclusive production method at Worldwide, the strength and durability &lt;/ins&gt;of the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;knives even just after years &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;use, or the distinct aesthetic appeal &lt;/ins&gt;that &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;comes with International knives&lt;/ins&gt;.  &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;It was tougher to leave my Kitchen Aid mixer than it was &lt;/ins&gt;to &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;sell my ten burner stove&lt;/ins&gt;.&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;It is &lt;/ins&gt;a &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;significant kitchen knife used &lt;/ins&gt;for &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;chopping, slicing, mincing and just about every little thing. A serrated knife has grooves &lt;/ins&gt;that &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;form person small cutting edges so you do not have to have to use as significantly force to reduce.  The Chinese contact these choppers and use them for every thing&lt;/ins&gt;.  &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Employing a sharp knife in the kitchen &lt;/ins&gt;is &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;safer than applying &lt;/ins&gt;a &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;blunt knife.  Sharpen your knife each time you are about to use it&lt;/ins&gt;.&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&amp;gt;&amp;lt;br&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;As an alternative of buying an entire knife set buying knives individually can permit a person to obtain improved knives over time&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; Just take a appear at what a damaged knife appears beneath a microscope , and you are going to in &lt;/ins&gt;no &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;way treat your knives &lt;/ins&gt;with &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;disrespect once more.   If you cherished this write-up and you would like to acquire additional data concerning &lt;/ins&gt;[&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;http&lt;/ins&gt;:&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;//www&lt;/ins&gt;.&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;thebestkitchenknivesreviews&lt;/ins&gt;.&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;com/best&lt;/ins&gt;-&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;chef&lt;/ins&gt;-&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;knives&lt;/ins&gt;-&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;reviews&lt;/ins&gt;/ &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Best Chef Knives For Home] kindly go to our own internet site&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Not only &lt;/ins&gt;is &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;it dangerous for whoever washes &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;dishes it really &lt;/ins&gt;is &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;also bad &lt;/ins&gt;for &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;your knives &lt;/ins&gt;- &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;the blade can get scratched or worse&lt;/ins&gt;, &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;the tip can bend or break&lt;/ins&gt;.  &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;What Not To Do: Never wash your knives in the dishwasher&lt;/ins&gt;.&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Study the difference in between knives that are forged and those that are stamped&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; Stamped knives are reduce out &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;a piece &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;metal &lt;/ins&gt;and &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;are normally less costly.  Forged knives are pounded into their shape from a bigger piece &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;metal.  They are more high priced&lt;/ins&gt;, &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;but they&#039;re also higher top quality and much less flexible than stamped knives. Appear &lt;/ins&gt;for a &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;set of kitchen knives that include several kinds&lt;/ins&gt;.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;The &lt;/del&gt;&#039;&#039;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&#039;solvency cone&#039;&#039;&#039; is &lt;/del&gt;a concept &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;used &lt;/del&gt;in &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[financial mathematics]] which models &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;possible trades in &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[market|financial market]]&lt;/del&gt;.  &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;This is &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;particular interest &lt;/del&gt;to &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;markets with [[transaction costs]]&lt;/del&gt;.  &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Specifically, it &lt;/del&gt;is the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[convex cone]] &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;portfolios that can be exchanged to portfolios &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;non-negative components (including paying of any transaction costs)&lt;/del&gt;.&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==Mathematically==&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;If given a [[bid-ask matrix]] &lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;\Pi&lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&lt;/del&gt;&amp;gt; &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;for &lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;d&lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&amp;gt; assets such that &amp;lt;math&amp;gt;\Pi = \left(\pi^{ij}\right)_{1 \leq i,j \leq d}&amp;lt;/math&lt;/del&gt;&amp;gt; and &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;math&amp;gt;m \leq d&amp;lt;/math&amp;gt; is &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;number &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;assets which with any non&lt;/del&gt;-&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;negative quantity of them can be &quot;discarded&quot; (traditionally &amp;lt;math&amp;gt;m = d&amp;lt;/math&amp;gt;)&lt;/del&gt;.  &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Then &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;solvency cone &amp;lt;math&amp;gt;K(\Pi) \subset \mathbb{R}^d&amp;lt;&lt;/del&gt;/&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&amp;gt; is the convex cone spanned by the unit vectors &amp;lt;math&amp;gt;e^i, 1 \leq i \leq m&amp;lt;&lt;/del&gt;/&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&amp;gt; and the vectors &amp;lt;math&amp;gt;\pi^{ij}e^i-e^j, 1 \leq i,j \leq d&amp;lt;&lt;/del&gt;/&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&amp;gt;.&amp;lt;ref name&lt;/del&gt;=&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;WS02&amp;gt;{{cite journal|last&lt;/del&gt;=&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Schachermayer|first&lt;/del&gt;=&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Walter|date=November 15, 2002|title&lt;/del&gt;=The &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Fundamental Theorem of Asset Pricing under Proportional Transaction Costs in Finite Discrete Time}}&amp;lt;/ref&amp;gt;&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;===Definition===&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;A solvency cone &lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;K&lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&lt;/del&gt;&amp;gt; &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;is any closed convex cone such &lt;/del&gt;that &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;math&amp;gt;K \subseteq \mathbb{R}^d&amp;lt;/math&amp;gt; &lt;/del&gt;and &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;math&amp;gt;K \supseteq \mathbb{R}^d_+&amp;lt;/math&amp;gt;&lt;/del&gt;.&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;ref&amp;gt;{{cite doi|10.1137/080743494}}&amp;lt;/ref&amp;gt;&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==Uses==&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;A process &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;(random) solvency cones &amp;lt;math&amp;gt;\left\{K_t(\omega)\right\}_{t=0}^T&amp;lt;/math&amp;gt; is a model &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;a financial market.  This &lt;/del&gt;is &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;sometimes called &lt;/del&gt;a &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&#039;&#039;&#039;market process&#039;&#039;&#039;.&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;The negative &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;a solvency cone is &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;set &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;portfolios &lt;/del&gt;that &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;can be obtained starting from the zero portfolio&lt;/del&gt;.  &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;This is intimately related &lt;/del&gt;to &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[self-financing portfolio]]s&lt;/del&gt;.&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;{{Citation needed|date=February 2011}}&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;The [[dual cone]] of the solvency cone (&lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;K^+ = \left\{w \in \mathbb{R}^d: \forall v \in K: 0 \leq w^Tv\right\}&lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;) are the set of prices which would define &lt;/del&gt;a &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;friction-less pricing system &lt;/del&gt;for &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;the assets &lt;/del&gt;that &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;is consistent with the market&lt;/del&gt;.  &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;This &lt;/del&gt;is &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;also called &lt;/del&gt;a &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[consistent pricing system]]&lt;/del&gt;.&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;ref name=&quot;WS02&quot; /&lt;/del&gt;&amp;gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==Examples==&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[Image:SolvencyCone noTransactionCosts&lt;/del&gt;.&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;png|thumb|alt=Solvency cone with &lt;/del&gt;no &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;transaction costs|Sample solvency cone &lt;/del&gt;with &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;no transaction costs]]&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;[&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[Image&lt;/del&gt;:&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;SolvencyCone withTransactionCosts&lt;/del&gt;.&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;png|thumb|alt=Solvency cone with transaction costs|Sample solvency cone with transaction costs]]&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Assume there are 2 assets, A and M with 1 to 1 exchange possible&lt;/del&gt;.&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;===Frictionless Market===&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;In a [[frictionless market]], we can obviously make (1A,&lt;/del&gt;-&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;1M) and (&lt;/del&gt;-&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;1A,1M) into non&lt;/del&gt;-&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;negative portfolios, therefore &amp;lt;math&amp;gt;K = \{x \in \mathbb{R}^2: (1,1)x \geq 0\}&amp;lt;&lt;/del&gt;/&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&amp;gt;&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; Note that (1,1) &lt;/del&gt;is the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&quot;price vector.&quot;&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;===With Transaction Costs===&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Assume further that there &lt;/del&gt;is &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;50% transaction costs &lt;/del&gt;for &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;each deal.  This means that (1A,&lt;/del&gt;-&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;1M) and (-1A&lt;/del&gt;,&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;1M) cannot be exchanged into non-negative portfolios&lt;/del&gt;.  &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;But, (2A,-1M) and (-1A,2M) can be traded into non-negative portfolios&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; It can be seen that &lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;K = \{x \in \mathbb{R}^2: (2,1)x \geq 0, (1,2)x \geq 0\}&lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&lt;/del&gt;&amp;gt;.&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;The dual cone &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;prices is thus easiest to see in terms of prices &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;A in terms of M (&lt;/del&gt;and &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;similarly done for price &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;M in terms of A):&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;* someone offers 1A for tM: &amp;lt;math&amp;gt;(0&lt;/del&gt;,&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;t) \rightarrow (1,0) \rightarrow (0,\frac{1}{2})&amp;lt;/math&amp;gt; therefore there is arbitrage if &amp;lt;math&amp;gt;t &amp;lt; \frac{1}{2}&amp;lt;/math&amp;gt;&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;* someone offers tM &lt;/del&gt;for &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;1A: &amp;lt;math&amp;gt;(1,0) \rightarrow (0,t) \rightarrow (\frac{t}{2},0)&amp;lt;/math&amp;gt; therefore there is arbitrage if &amp;lt;math&amp;gt;t &amp;gt; 2&amp;lt;/math&amp;gt;&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==Notes==&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;If &lt;/del&gt;a &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;solvency cone &amp;lt;math&amp;gt;K&amp;lt;/math&amp;gt;:&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;* contains a line, then there is an exchange possible without transaction costs.&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;* &amp;lt;math&amp;gt;K = \mathbb{R}^d_+&amp;lt;/math&amp;gt;, then there is no possible exchange, i.e. the market is completely [[illiquid]]&lt;/del&gt;.&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==References==&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;{{Reflist}}&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[Category:Mathematical finance]]&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[Category:Financial risk]]&lt;/del&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-added&quot;&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</summary>
		<author><name>en&gt;RevelationDirect</name></author>
	</entry>
	<entry>
		<id>https://en.formulasearchengine.com/index.php?title=Thermal_lag&amp;diff=25812&amp;oldid=prev</id>
		<title>en&gt;ClueBot NG: Reverting possible vandalism by 193.95.219.1 to version by SchreiberBike. False positive? Report it. Thanks, ClueBot NG. (1460931) (Bot)</title>
		<link rel="alternate" type="text/html" href="https://en.formulasearchengine.com/index.php?title=Thermal_lag&amp;diff=25812&amp;oldid=prev"/>
		<updated>2013-01-23T10:04:41Z</updated>

		<summary type="html">&lt;p&gt;Reverting possible vandalism by &lt;a href=&quot;/wiki/Special:Contributions/193.95.219.1&quot; title=&quot;Special:Contributions/193.95.219.1&quot;&gt;193.95.219.1&lt;/a&gt; to version by SchreiberBike. False positive? &lt;a href=&quot;/index.php?title=User:ClueBot_NG/FalsePositives&amp;amp;action=edit&amp;amp;redlink=1&quot; class=&quot;new&quot; title=&quot;User:ClueBot NG/FalsePositives (page does not exist)&quot;&gt;Report it&lt;/a&gt;. Thanks, &lt;a href=&quot;/index.php?title=User:ClueBot_NG&amp;amp;action=edit&amp;amp;redlink=1&quot; class=&quot;new&quot; title=&quot;User:ClueBot NG (page does not exist)&quot;&gt;ClueBot NG&lt;/a&gt;. (1460931) (Bot)&lt;/p&gt;
&lt;table style=&quot;background-color: #fff; color: #202122;&quot; data-mw=&quot;interface&quot;&gt;
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				&lt;td colspan=&quot;2&quot; style=&quot;background-color: #fff; color: #202122; text-align: center;&quot;&gt;← Older revision&lt;/td&gt;
				&lt;td colspan=&quot;2&quot; style=&quot;background-color: #fff; color: #202122; text-align: center;&quot;&gt;Revision as of 12:04, 23 January 2013&lt;/td&gt;
				&lt;/tr&gt;&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-lineno&quot; id=&quot;mw-diff-left-l1&quot;&gt;Line 1:&lt;/td&gt;
&lt;td colspan=&quot;2&quot; class=&quot;diff-lineno&quot;&gt;Line 1:&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;−&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;If you might have time you can afford to join &lt;/del&gt;a &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;gym that great for&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Keep doing exercise repeatedly&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Do exercise for 20 &lt;/del&gt;to &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;25 minutes &lt;/del&gt;a &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;day&lt;/del&gt;, &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;5 days a calendar. The workouts have to be intensive &lt;/del&gt;and &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;it will &lt;/del&gt;be &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;strongly recommended to seek help from trainer &lt;/del&gt;and &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;get him about different workouts &lt;/del&gt;that &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;are ideal for burning body fat&lt;/del&gt;.&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;It critical to stay motivated when attempting to get rid &lt;/del&gt;of. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Many people fall at losing weight because temptation gets the best and they&lt;/del&gt;&#039;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;re going off their dietary plan or they stop coaching&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Try to find &lt;/del&gt;a &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;enthusiasm. For instance, if you try out &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;store you see an outfit you love, tell yourself &lt;/del&gt;that the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;only way you would like &lt;/del&gt;to &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;fit into &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;dress is when you shed.&lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;There &lt;/del&gt;are &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;many other primary advantages &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[http://raspberrytrimdiet.net/ Raspberry Trim] ketone and most of these are related towards &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;weight loss industry because where all the cash &lt;/del&gt;is &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;flowing here in. Therefore, researchers too are looking into &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;same specialized niche&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;There are bound to be involving other health improvements as better&lt;/del&gt;.&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;br&amp;gt;Avoid temptation at performance&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;If possible, stay beyond your break rooms where men and women may have ended their high-calorie leftovers&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Keep desk stocked &lt;/del&gt;with &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;healthy snacks&lt;/del&gt;, and &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;pack a lunch visualize rather than going out &lt;/del&gt;to &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;eat&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;If have &lt;/del&gt;a &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;lunch appointment&lt;/del&gt;, &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; Raspberry Trim eat a different side of vegetables appealing salad compared to high fat options.&lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Fill more than half of &lt;/del&gt;the &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;dinner plate full of vegetables&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Simply will you increase &lt;/del&gt; &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[http://raspberrytrimdiet&lt;/del&gt;.&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;net/ Raspberry Trim] your consumption of vegetables&lt;/del&gt;, &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;anyone will lower that lunch or dinner energy&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;If &lt;/del&gt;that &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;seems like a lot&lt;/del&gt;, &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;it &lt;/del&gt;is &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;a good idea &lt;/del&gt;to &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;have two vegetables at every meal instead &lt;/del&gt;of &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;a single.&lt;/del&gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;When training the right supplement, bodyweight &lt;/del&gt;is &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;only a matter of energy and time. Along with this, &lt;/del&gt;if &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;you taking proper way product may maintain  [http&lt;/del&gt;://&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;raspberrytrimdiet.net&lt;/del&gt;/ &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Raspberry Trim] your muscle mass. Subsequently&lt;/del&gt;, &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;you not have to stress with sagging skin&lt;/del&gt;.&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&amp;lt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;br&lt;/del&gt;&amp;gt;&lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Buy smaller plates. Many dish sets contain plates designed to hold on to significantly greater one serving of nutritional. These plates produces normal portions look nominal. You may&lt;/del&gt;, &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;inadvertently&lt;/del&gt;, &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;end up eating quite is critical&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Replace your large plates with small ones own&lt;/del&gt;. &lt;del style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Getting smaller plates will help your portions look larger&lt;/del&gt;.&lt;/div&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;{{too technical|date=December 2013}}&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;The &#039;&#039;&#039;solvency cone&#039;&#039;&#039; is &lt;/ins&gt;a &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;concept used in [[financial mathematics]] which models the possible trades in the [[market|financial market]]&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; This is of particular interest to markets with [[transaction costs]]&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; Specifically, it is the [[convex cone]] of portfolios that can be exchanged &lt;/ins&gt;to &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;portfolios of non-negative components (including paying of any transaction costs).&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==Mathematically==&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;If given &lt;/ins&gt;a &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[bid-ask matrix]] &amp;lt;math&amp;gt;\Pi&amp;lt;/math&amp;gt; for &amp;lt;math&amp;gt;d&amp;lt;/math&amp;gt; assets such that &amp;lt;math&amp;gt;\Pi = \left(\pi^{ij}\right)_{1 \leq i&lt;/ins&gt;,&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;j \leq d}&amp;lt;/math&amp;gt; &lt;/ins&gt;and &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;math&amp;gt;m \leq d&amp;lt;/math&amp;gt; is the number of assets which with any non-negative quantity of them can &lt;/ins&gt;be &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&quot;discarded&quot; (traditionally &amp;lt;math&amp;gt;m = d&amp;lt;/math&amp;gt;).  Then the solvency cone &amp;lt;math&amp;gt;K(\Pi) \subset \mathbb{R}^d&amp;lt;/math&amp;gt; is the convex cone spanned by the unit vectors &amp;lt;math&amp;gt;e^i, 1 \leq i \leq m&amp;lt;/math&amp;gt; &lt;/ins&gt;and &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;the vectors &amp;lt;math&amp;gt;\pi^{ij}e^i-e^j, 1 \leq i,j \leq d&amp;lt;/math&amp;gt;.&amp;lt;ref name=WS02&amp;gt;{{cite journal|last=Schachermayer|first=Walter|date=November 15, 2002|title=The Fundamental Theorem of Asset Pricing under Proportional Transaction Costs in Finite Discrete Time}}&amp;lt;/ref&amp;gt;&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;===Definition===&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;A solvency cone &amp;lt;math&amp;gt;K&amp;lt;/math&amp;gt; is any closed convex cone such &lt;/ins&gt;that &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;math&amp;gt;K \subseteq \mathbb{R}^d&amp;lt;/math&amp;gt; and &amp;lt;math&amp;gt;K \supseteq \mathbb{R}^d_+&amp;lt;/math&amp;gt;.&amp;lt;ref&amp;gt;{{cite doi|10&lt;/ins&gt;.&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;1137/080743494}}&amp;lt;/ref&amp;gt;&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==Uses==&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;A process of (random) solvency cones &lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;\left\{K_t(\omega)\right\}_{t=0}^T&lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&lt;/ins&gt;&amp;gt; &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;is a model &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;a financial market&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; This is sometimes called a &#039;&#039;&#039;market process&#039;&#039;&lt;/ins&gt;&#039;.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;The negative of &lt;/ins&gt;a &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;solvency cone is &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;set of portfolios &lt;/ins&gt;that &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;can be obtained starting from &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;zero portfolio.  This is intimately related &lt;/ins&gt;to &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[self-financing portfolio]]s.{{Citation needed|date=February 2011}}&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;The [[dual cone]] of &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;solvency cone (&lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;K^+ = \left\{w \in \mathbb{R}^d: \forall v \in K: 0 \leq w^Tv\right\}&lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;) &lt;/ins&gt;are &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;the set &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;prices which would define a friction-less pricing system for &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;assets that &lt;/ins&gt;is &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;consistent with &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;market&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; This is also called a [[consistent pricing system]]&lt;/ins&gt;.&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;ref name=&quot;WS02&quot; /&lt;/ins&gt;&amp;gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==Examples==&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[Image:SolvencyCone noTransactionCosts&lt;/ins&gt;.&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;png|thumb|alt=Solvency cone with no transaction costs|Sample solvency cone with no transaction costs]]&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[Image:SolvencyCone withTransactionCosts&lt;/ins&gt;.&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;png|thumb|alt=Solvency cone &lt;/ins&gt;with &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;transaction costs|Sample solvency cone with transaction costs]]&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Assume there are 2 assets&lt;/ins&gt;, &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;A &lt;/ins&gt;and &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;M with 1 &lt;/ins&gt;to &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;1 exchange possible&lt;/ins&gt;.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;===Frictionless Market===&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;In &lt;/ins&gt;a &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[frictionless market]], we can obviously make (1A,-1M) and (-1A&lt;/ins&gt;,&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;1M) into non-negative portfolios, therefore &lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;K = \{x \in \mathbb{R}^2: (1,1)x \geq 0\}&lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;.  Note that (1,1) is &lt;/ins&gt;the &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&quot;price vector.&quot;&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;===With Transaction Costs===&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;Assume further that there is 50% transaction costs for each deal&lt;/ins&gt;.  &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;This means that (1A,-1M) and (-1A,1M) cannot be exchanged into non-negative portfolios&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; But, (2A,-1M) and (-1A&lt;/ins&gt;,&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;2M) can be traded into non-negative portfolios&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt; It can be seen &lt;/ins&gt;that &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;math&amp;gt;K = \{x \in \mathbb{R}^2: (2,1)x \geq 0, (1&lt;/ins&gt;,&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;2)x \geq 0\}&amp;lt;/math&amp;gt;.&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;The dual cone of prices &lt;/ins&gt;is &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;thus easiest &lt;/ins&gt;to &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;see in terms of prices of A in terms &lt;/ins&gt;of &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;M (and similarly done for price of M in terms of A):&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;* someone offers 1A for tM: &lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;(0,t) \rightarrow (1,0) \rightarrow (0,\frac{1}{2})&lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&lt;/ins&gt;&amp;gt; &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;therefore there &lt;/ins&gt;is &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;arbitrage &lt;/ins&gt;if &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;math&amp;gt;t &amp;lt; \frac{1}{2}&amp;lt;/math&amp;gt;&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;* someone offers tM for 1A&lt;/ins&gt;: &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;&amp;lt;math&amp;gt;(1,0) \rightarrow (0,t) \rightarrow (\frac{t}{2},0)&amp;lt;&lt;/ins&gt;/&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&amp;gt; therefore there is arbitrage if &amp;lt;math&amp;gt;t &amp;gt; 2&amp;lt;&lt;/ins&gt;/&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&amp;gt;&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==Notes==&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;If a solvency cone &amp;lt;math&amp;gt;K&amp;lt;&lt;/ins&gt;/&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&amp;gt;:&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;* contains a line&lt;/ins&gt;, &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;then there is an exchange possible without transaction costs&lt;/ins&gt;.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;* &lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;math&lt;/ins&gt;&amp;gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;K = \mathbb{R}^d_+&lt;/ins&gt;&amp;lt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;/math&lt;/ins&gt;&amp;gt;, &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;then there is no possible exchange&lt;/ins&gt;, &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;i&lt;/ins&gt;.&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;e&lt;/ins&gt;. &lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;the market is completely [[illiquid]]&lt;/ins&gt;.&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;==References==&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;{{Reflist}}&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt; &lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[Category:Mathematical finance]]&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td colspan=&quot;2&quot; class=&quot;diff-side-deleted&quot;&gt;&lt;/td&gt;&lt;td class=&quot;diff-marker&quot; data-marker=&quot;+&quot;&gt;&lt;/td&gt;&lt;td style=&quot;color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;&quot;&gt;&lt;div&gt;&lt;ins style=&quot;font-weight: bold; text-decoration: none;&quot;&gt;[[Category:Financial risk]]&lt;/ins&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</summary>
		<author><name>en&gt;ClueBot NG</name></author>
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		<title>213.121.181.66 at 11:31, 12 June 2012</title>
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