পদ্ধতির তুলনা করুন

	Libor Market Model	ঝুঁকি-নিরপেক্ষ মূল্যায়ন
ক্ষেত্র	পরিমাণগত অর্থায়ন	পরিমাণগত অর্থায়ন
পরিবার	Regression model	Regression model
উদ্ভবের বছর	1997	1979
প্রবর্তক	Alan Brace, Dariusz Gatarek, and Marek Musiela	John Harrison and David Kreps
ধরন	Interest Rate Model	Fundamental Principle
মৌলিক উৎস	Brace, A., Gatarek, D., & Musiela, M. (1997). The market model of interest rate dynamics. Mathematical Finance, 7(2), 127-155.	Harrison, J. M., & Kreps, D. M. (1979). Martingales and arbitrage in multiperiod securities markets. Journal of Economic Theory, 20(3), 381-408.
অপর নাম	BGM Model, LMM	Risk-Neutral Measure, Q-Measure
সম্পর্কিত	4	4
সারসংক্ষেপ	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.	Risk-neutral valuation (1979) is the fundamental principle that derivative prices equal the expected payoff discounted at the risk-free rate, computed under a risk-neutral probability measure (Q-measure). This principle, formalized by Harrison and Kreps, eliminates the need to estimate risk premia and is the foundation of modern derivatives pricing.