Dynamic Asset Pricing With Non-Redundant Forwards by Abraham LIOUI * and Patrice PONCET ** First Draft: February 5, 2000 This draft: May 20, 2001 ____________ * Bar-Ilan University ** University of Paris-I Sorbonne and ESSEC Corresponding author: Prof. Patrice Poncet, ESSEC, Département Finance, Avenue Bernard Hirsch, B.P.105, 95021 Cergy-Pontoise Cedex, France. Tel: 33 (0) 1 34 43 30 26. Fax: 33 (0) 1 34 43 30 01. E-mail: Poncet@essec.fr .