Ploughman's lunch many pubs served little else: in 1932 Martin Armstrong described stopping at village inns for a lunch of bread, cheese and beer, noting that "On these occasions in country inns when bread, cheese and beer seem so extraordinarily good, the alternative is generally nothing; and compared with nothing bread, cheese, and beer are beyond compare". By the 1950s the meal was certainly being referred to by forms of the name later used to promote it. In 1956, author Adrian Bell reported: "There's a pub quite close to where I live where ... all you need say is, 'Ploughboy's Lunch, Harry,
No free lunch with vanishing risk If formula_6 is a semimartingale with values in formula_7 then "S" does not allow for a free lunch with vanishing risk if and only if there exists an equivalent martingale measure formula_8 such that "S" is a sigma-martingale under formula_8. No free lunch with vanishing risk No free lunch with vanishing risk (NFLVR) is a no-arbitrage argument. We have "free lunch with vanishing risk" if by utilizing a sequence of time self-financing portfolios which converge to an arbitrage strategy, we can approximate a self-financing portfolio (called the "free lunch with vanishing risk"). For a semimartingale "S", let formula_1 where a