Arbitrage is equivalent to risk free opportunity, which would mean whatever junk you were trying to convey before were invalid. Well, that's true though, my bad.
The term first-generation can refer to either people who were born in one country and relocated to another, or to their children born in the country they have relocated to. The term second-generation refers to children of first-generation immigrants, and thus exhibits the same ambiguity. The term 1.5 generation refers specifically to immigrants who arrived to the destination country before adolescence.