2 papers
q-fin.MF2026
Monotonicity of Normalized Implied-Volatility Coordinates under No-Arbitrage
Jian Sun
For a fixed maturity, an arbitrage-free option smile induces natural normalized strike coordinates. This paper makes three contributions. First, it gives an elementary discrete no-…
q-fin.TR2026
Endogenous Randomness from Adversarial Market Learning
Jian Sun
We propose a deterministic adversarial market model in which apparent randomness emerges endogenously from the interaction between a market mechanism and a population of predictive…