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We propose a general equilibrium model for asset pricing that incorporates asymmetric information as the key element determining security prices. In our setting, the concepts of completeness, arbitrage, state price and equivalent martingale measure are extended to the case of asymmetric information. Our model shows that in a so-called quasi-complete market, agents with differential information can reach an agreement on an universal equilibrium price. The corresponding state price and martingaledoi:10.3389/fams.2015.00008 fatcat:2w526fpegbg2pa2gfn4tuvly2y