Frauendorfer, KarlKarlFrauendorferGaese, RalfRalfGaese2023-04-132023-04-131997-09-03https://www.alexandria.unisg.ch/handle/20.500.14171/61641The paper's objective is to interpret no-arbitrage conditions by means of linear programming. Basic statements about the term structure of a market with frictions can be derived using the relation of primal and associated dual programs. The duality concept applies mutatis mutandis to the valuation of cash flows from an individual investor's point of view.enconference paper