مقایسهٔ روش‌ها

	چارچوب HJM	ارزش‌گذاری بی‌خطر نسبت به ریسک
حوزه	مالی کمّی	مالی کمّی
خانواده	Regression model	Regression model
سال پیدایش	1992	1979
پدیدآور	David Heath, Robert Jarrow, and Andrew Morton	John Harrison and David Kreps
نوع	Interest Rate Framework	Fundamental Principle
منبع بنیادین	Heath, D., Jarrow, R. A., & Morton, A. (1992). Bond pricing and the term structure of interest rates: A new methodology for contingent claims valuation. Econometrica, 60(1), 77-105.	Harrison, J. M., & Kreps, D. M. (1979). Martingales and arbitrage in multiperiod securities markets. Journal of Economic Theory, 20(3), 381-408.
نام‌های دیگر	Forward Rate Model, No-Arbitrage Drift Condition	Risk-Neutral Measure, Q-Measure
مرتبط	4	4
خلاصه	The Heath-Jarrow-Morton (HJM) framework (1992) is a general no-arbitrage approach to modeling the entire term structure of forward rates. Unlike short-rate models, HJM works directly with forward rates f(t,T) and specifies their volatility; the drift is then determined by arbitrage constraints. This flexibility enables multi-factor modeling and accurate calibration to swaption matrices.	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.