The upper-hedging price of an ECC is obtained by introducing a family of auxiliary frictionless financial markets Existence of an optimal portfolio for hedging contingent claims is shown.

• 通过引入反映上述金融市场摩擦的辅助无摩擦金融市场类，给出上套期保值价格的表达式，并证明了最优上套期保值策略的存在性。