Abstract:In the literature, zero-level pricing method has been proposed to provide a unique price for a non-marketable new asset. It disadvantage from the viewpoint of robust pricing theory is dependent on investor’s utility function and initial wealth. In some situations, the zero-level price is universal in a sense of independent of utility function and initial wealth. We shall discuss the universal properties under the HARA utility functions. Furthermore, we also consider the zero-level pricing method to the market with transaction cost. Although both the zero-level pricing method and the no-arbitrage pricing method produce price intervals, the zero-level price interval is smaller than the other case. The universality is extended to this market as well.