विधियों की तुलना करें

	एचजेएम फ्रेमवर्क	न्यूमेरेयर का परिवर्तन
क्षेत्र	मात्रात्मक वित्त	मात्रात्मक वित्त
परिवार	Regression model	Regression model
उद्भव वर्ष	1992	1995
प्रवर्तक	David Heath, Robert Jarrow, and Andrew Morton	Hélyette Geman, Nicole El Karoui, Jean-Charles Rochet
प्रकार	Interest Rate Framework	Measure Theory
मौलिक स्रोत	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.	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.
उपनाम	Forward Rate Model, No-Arbitrage Drift Condition	Numeraire Switching, Measure Change
संबंधित	4	3
सारांश	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.	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.