Krahasoni metodat

	Korniza HJM	Vlerësimi pa rrezik
Fusha	Financa kuantitative	Financa kuantitative
Familja	Regression model	Regression model
Viti i origjinës	1992	1979
Krijuesi	David Heath, Robert Jarrow, and Andrew Morton	John Harrison and David Kreps
Lloji	Interest Rate Framework	Fundamental Principle
Burimi themelues	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.
Emërtime të tjera	Forward Rate Model, No-Arbitrage Drift Condition	Risk-Neutral Measure, Q-Measure
Të lidhura	4	4
Përmbledhja	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.