标题： 集体完备性与定价对冲对偶性 显示英文标题

标题： Collective completeness and pricing hedging duality

摘要： 本文基于Biagini等人于2025年即将发表在《金融与随机》上的论文“集体套利与合作的价值”，该文在离散时间框架下引入了多主体市场中的集体套利和超复制概念，其中参与者可能在多个子市场中运作并通过风险交换机制进行合作。在此基础上，我们通过与Biagini等人（2025年）不同的假设和新方法建立了资产定价的第一基本定理以及集体定价对冲对偶性。我们进一步引入了集体复制的概念，以研究集体市场完备性，并在此合作的多主体环境中提供了资产定价的第二基本定理。 显示英文摘要

摘要： This paper builds on "Collective Arbitrage and the Value of Cooperation" by Biagini et al. (2025, forthcoming in "Finance and Stochastics"), which introduced in discrete time the notions of collective arbitrage and super-replication in a multi-agent market framework, where agents may operate in several submarkets and collaborate through risk exchange mechanisms. Expanding on these foundations, we establish a First Fundamental Theorem of Asset Pricing and a collective pricing-hedging duality under different assumptions and with new techniques compared to Biagini et al. (2025). We further introduce the notion of collective replication in order to study collective market completeness and provide a Second Fundamental Theorem of Asset Pricing in this cooperative multi-agent setting.