The problem of fair pricing of contingent claims is well understood in the contex of an arbitrage free, complete financial market, with perfect information : the so-called arbitrage approach permits to construct a unique valuation operator compatible with observed price rocesses. In the more realistic context of partial information, the equilibrium analysis permits to construct a unique valuation operator which only depends on some particular price processes as well as…

*Arbitrage pricing and equilibrium pricing: compatibility conditions.*

*Collected papers of the New York University Mathematical Finance Seminar, 3, 131-158. Avellaneda, Marco: World Scientific.*