Numéraire
= Numéraire
{wiki}
A numéraire is a strictly positive traded asset used as the unit in which all other asset prices are expressed. Changing the numéraire changes the associated martingale measure while preserving no-arbitrage prices.
= Numéraire
{wiki}
A numéraire is a strictly positive traded asset used as the unit in which all other asset prices are expressed. Changing the numéraire changes the associated martingale measure while preserving no-arbitrage prices.