Efficient funds for meager asset spaces (Q1093505)

For finite state space models of securities markets, there exists a portfolio of traded securities on which conventional call (or put) options suffice to complete securities markets. Moreover, these ``efficient funds'' are generic. The objective of this paper is to present a class of ``larger'' models of securities markets for which existence and genericity of efficient funds obtains. Conditions abstracted from the finite state space case serve to define a meager asset space. It is shown that for meager asset spaces (satisfying a separability condition) efficient funds exist and are generic in a category theoretic sense.