本页提供题录、可核实摘要与阅读线索。AI 解读未完成全文核验，可能有误；具体假设、证明和结论请核对原文。仅依据书目生成的内容属于阅读导航，不是对论文结论的确认。
摘要保留来源文本，未经模型改写。材料不足时保留待解读状态；引用采用 OpenAlex 单条关联记录，不合计版本，缺失不视为零，也不代表论文质量。
正在核对对应版本的资源…
ABSTRACT Implicit in the prices of traded financial assets are Arrow–Debreu prices or, with continuous states, the state‐price density (SPD). We construct a nonparametric estimator for the SPD implicit in option prices and we derive its asymptotic sampling theory. This estimator provides an arbitrage‐free method of pricing new, complex, or illiquid securities while capturing those features of the data that are most relevant from an asset‐pricing perspective, for example, negative skewness and excess kurtosis for asset returns, and volatility “smiles” for option prices. We perform Monte Carlo experiments and extract the SPD from actual S&P 500 option prices.