পদ্ধতির তুলনা করুন

	নিউম্যারেইরের পরিবর্তন	Libor Market Model
ক্ষেত্র	পরিমাণগত অর্থায়ন	পরিমাণগত অর্থায়ন
পরিবার	Regression model	Regression model
উদ্ভবের বছর	1995	1997
প্রবর্তক	Hélyette Geman, Nicole El Karoui, Jean-Charles Rochet	Alan Brace, Dariusz Gatarek, and Marek Musiela
ধরন	Measure Theory	Interest Rate Model
মৌলিক উৎস	Geman, H., El Karoui, N., & Rochet, J. C. (1995). Changes of numeraire, changes of probability measure and option pricing. Journal of Applied Probability, 32(2), 443-458.	Brace, A., Gatarek, D., & Musiela, M. (1997). The market model of interest rate dynamics. Mathematical Finance, 7(2), 127-155.
অপর নাম	Numeraire Switching, Measure Change	BGM Model, LMM
সম্পর্কিত	3	4
সারসংক্ষেপ	Change of numeraire is a mathematical technique for simplifying option pricing by changing the choice of discount factor (numeraire). By selecting a numeraire aligned with the payoff structure, complex problems become simple. The technique is essential for LIBOR market models and multi-currency derivatives.	The LIBOR Market Model (BGM), developed by Brace, Gatarek, and Musiela (1997), is a multi-factor interest rate model that directly models forward LIBOR rates as lognormal processes. Unlike short-rate models, LMM naturally prices caplets at the market level and is the industry standard for valuing caps, floors, and exotic interest rate derivatives.