股权溢价和CAPM的无概率连续时间解释
A probability-free and continuous-time explanation of the equity premium and CAPM
摘要：
本文在连续时间理想化金融市场的背景下给出了博弈论概率的另一种定义。在不做任何概率假设的情况下（但假设价格路径为正且连续），我们得到了一个简单的股权溢价表达式，并推导出一个版本的资本资产定价模型。
英文摘要：
This paper gives yet another definition of game-theoretic probability in the context of continuous-time idealized financial markets. Without making any probabilistic assumptions (but assuming positive and continuous price paths), we obtain a simple expression for the equity premium and derive a version of the capital asset pricing model.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
