Abstract: The approach of zero-level pricing of a nonmarketed asset is to find the price such that a certain investor with special utility function and wealth will select the new asset included in his optimal portfolio at the zero-level.In other words,the optimal portfolio would not change at the price when the new asset presents.In this paper,the idea and characters of zero-level pricing will be introduced,which were presented by Lenberger and other researchers.After comparing this approach with e-arbitrage methods,we point out that the two approaches are the same under the condition of partially complete markets.

Key words: incomplete markets, partially complete markets, zero-level pricing, e-arbitrage