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Rational pricing is the assumption in financial economics that asset prices (and hence asset pricing models) will reflect the arbitrage-free price of the asset as any deviation from this price will be "arbitraged away". This assumption is useful in pricing fixed income securities, particularly bonds, and is fundamental to the pricing of derivative instruments. ==Arbitrage mechanics== Arbitrage is the practice of taking advantage of a state of imbalance between two (or possibly more) markets. Where this mismatch can be exploited (i.e. after transaction costs, storage costs, transport costs, dividends etc.) the arbitrageur can "lock in" a risk-free profit by purchasing and selling simultaneously in both markets. In general, arbitrage ensures that "the law of one price" will hold; arbitrage also equalises the prices of assets with identical cash flows, and sets the price of assets with known future cash flows. ===The law of one price=== The same asset must trade at the same price on all markets ("the law of one price"). Where this is not true, the arbitrageur will: # buy the asset on the market where it has the lower price, and simultaneously sell it (short) on the second market at the higher price # deliver the asset to the buyer and receive that higher price # pay the seller on the cheaper market with the proceeds and pocket the difference. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Rational pricing」の詳細全文を読む スポンサード リンク
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