পদ্ধতির তুলনা করুন

	ঝুঁকি-নিরপেক্ষ মূল্যায়ন	Libor Market Model
ক্ষেত্র	পরিমাণগত অর্থায়ন	পরিমাণগত অর্থায়ন
পরিবার	Regression model	Regression model
উদ্ভবের বছর	1979	1997
প্রবর্তক	John Harrison and David Kreps	Alan Brace, Dariusz Gatarek, and Marek Musiela
ধরন	Fundamental Principle	Interest Rate Model
মৌলিক উৎস	Harrison, J. M., & Kreps, D. M. (1979). Martingales and arbitrage in multiperiod securities markets. Journal of Economic Theory, 20(3), 381-408.	Brace, A., Gatarek, D., & Musiela, M. (1997). The market model of interest rate dynamics. Mathematical Finance, 7(2), 127-155.
অপর নাম	Risk-Neutral Measure, Q-Measure	BGM Model, LMM
সম্পর্কিত	4	4
সারসংক্ষেপ	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.	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.