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The "no free lunch" (NFL) theorem is an easily stated and easily understood consequence of theorems Wolpert and Macready actually prove. It is objectively weaker than the proven theorems, and thus does not encapsulate them. Various investigators have extended the work of Wolpert and Macready substantively.
No free lunch with vanishing risk (NFLVR) is a concept used in mathematical finance as a strengthening of the no-arbitrage condition. In continuous time finance the existence of an equivalent martingale measure (EMM) is no more equivalent to the no-arbitrage-condition (unlike in discrete time finance), but is instead equivalent to the NFLVR-condition.
In formal terms, there is no free lunch when the probability distribution on problem instances is such that all problem solvers have identically distributed results. In the case of search , a problem instance in this context is a particular objective function , and a result is a sequence of values obtained in evaluation of candidate solutions ...
When stock price returns follow a single Brownian motion, there is a unique risk neutral measure.When the stock price process is assumed to follow a more general sigma-martingale or semimartingale, then the concept of arbitrage is too narrow, and a stronger concept such as no free lunch with vanishing risk (NFLVR) must be used to describe these opportunities in an infinite dimensional setting.
The proof of this is derived from a game between the induction and the environment. Essentially, any computable induction can be tricked by a computable environment, by choosing the computable environment that negates the computable induction's prediction. This fact can be regarded as an instance of the no free lunch theorem.
"Right now, 68% of students participate in free lunch and 45% for breakfast." He said participation is much higher in the district's elementary and middle schools. National School Lunch Program ...
"Probability, Statistics, Evolution, and Intelligent Design" (PDF) by Peter Olofsson in Chance (2008) 21 (3): 42–45 "William A. Dembski: No Free Lunch: Why Specified Complexity Cannot Be Purchased without Intelligence" at the Wayback Machine (archived December 29, 2003) – a book review by H. Allen Orr in Boston Review (Summer 2002) 27 (3–4)
Hosting a “free” lunch or dinner is common practice in the industry: taking potential clients out for a lavish meal and pitching them on investment opportunities (usually high-commission, high ...