विधियों की तुलना करें

	जोखिम-उदासीन मूल्यांकन	न्यूमेरेयर का परिवर्तन
क्षेत्र	मात्रात्मक वित्त	मात्रात्मक वित्त
परिवार	Regression model	Regression model
उद्भव वर्ष	1979	1995
प्रवर्तक	John Harrison and David Kreps	Hélyette Geman, Nicole El Karoui, Jean-Charles Rochet
प्रकार	Fundamental Principle	Measure Theory
मौलिक स्रोत	Harrison, J. M., & Kreps, D. M. (1979). Martingales and arbitrage in multiperiod securities markets. Journal of Economic Theory, 20(3), 381-408.	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	Risk-Neutral Measure, Q-Measure	Numeraire Switching, Measure Change
संबंधित	4	3
सारांश	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.	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.