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On the equivalence of financial structures with long-term assets

机译：关于具有长期资产的金融结构的对等

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In a stochastic financial exchange economy, two financial structures are equivalent if, for each given state price, the marketable payoffs are identical for the associated asset prices. The key property of two equivalent financial structures is that, when associated with any standard exchange economy, they lead to the same financial equilibrium. We exhibit a sufficient condition for the equivalence of two financial structures without re-trading with possibly long-term assets. We then apply this result to financial structures built upon primitive assets and their re-trading. We also borrow an assumption from Bonnisseau and Chery (Ann Financ 10:523-552, 2014) to prove the equivalence between a financial structure and its reduced forms.
机译：在随机金融交换经济中，如果对于每个给定的州价，相关资产价格的可销售收益相同，则两个金融结构是等效的。两种等效的金融结构的关键特性是，当与任何标准的交换经济体相关联时，它们会导致相同的金融平衡。我们展示了两个金融结构等效的充分条件，而无需重新交易可能的长期资产。然后，我们将此结果应用于基于原始资产及其重新交易的金融结构。我们还借鉴了Bonnisseau和奇瑞的假设（Ann Financ 10：523-552，2014），以证明财务结构与其简化形式之间的等效性。

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