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Joined 2026-09-21 Message
Incoming links: Equivalent martingale measure
Risk-neutral pricing Created 2026-09-29 Updated 2026-10-03
Under an equivalent martingale measure , the no-arbitrage value of a replicable payoff is its discounted conditional expectation under .
Risk-neutral probability 2026-10-06
The probability of a market event under an equivalent martingale measure for a specified numéraire. It can differ from the physical probability. For a random numéraire, impose the martingale condition on asset-price ratios rather than treating the numéraire return as deterministic.