Alain Bensoussan
Discrete-time Mathematical Finance
This presentation develops discrete time models of Mathematical
Finance, in order to emphasize the differences with continuous time
models. The concept of complete markets is less clear in the case of
discrete time. One case corresponds to the situation of a finite number
of states of nature. However, this case cannot be viewed as a discrete
approximation of a continuous time model. We consider also this
situation, and discuss the issue of complete markets in this context.