In a financial market with traded securities, one may use a change of numéraire to price assets.

Eventually a monetary numéraire will be adopted as trade expands in the economy.

This is not a probability that the numéraire of the debt will devalue relative to other currencies.

For more details, refer to Numéraire commodities.

In effect the price index of 100 for the base year is a numéraire for price-index values in other years.

When economic analysis refers to a particular good as the numéraire, one says that all other prices are normalized by the price of that good.

Her work on financial numéraire, with Nicole El Karoui.

In markets with transaction costs, with no numéraire, the consistent pricing process takes the place of the equivalent martingale measure.

The consumption good is to be the Numéraire, the price of the consumption good is therefore set equal to 1.

Moody's methodology takes no account of the degree and quality of the issuer's control over the numéraire of the debt.

Atlas Copco a prévu de payer entièrement en numéraire.

See for example Brigo and Mercurio (2001) for a change of numéraire toolkit.

The interpretation of d, as used in Delta, is subtler, and can be interpreted most elegantly as change of numéraire.

The interpretation of these quantities is somewhat subtle, and consists of changing to a risk-neutral measure with specific choice of numéraire.

Then, by using the abstract Bayes' Rule it can be shown that is a martingale under when priced in terms of the new numéraire, :

Although the Arrow-Debreu-McKenzie model is set out in terms of some arbitrary numéraire, the model does not encompass money.

In this case the price for the consumption good was set equal to 1 (numéraire) and the price for the investment good was then computed.

Geman, El Karoui and Rochet (1995) introduced the general formal framework for the change of numéraire technique.

In mathematical economics, the numéraire or numeraire is a tradeable economic entity in terms of whose price the relative prices of all other tradeables are expressed.

The price of the homogeneous output is taken as the numéraire, so that the value of each capital good is taken as homogeneous with output.

Taking one good as the numéraire in terms of which prices are specified, the economy has n-1 prices that can be determined by the equation, so an equilibrium should exist.

Non-linear payoff - the payoff for a straightforward FX option is linear in the underlying currency, denominating the payout in a given numéraire.

Ils vont débourser 38,50 dollars par action en numéraire pour Molex, qui intègrera leur holding et sera retiré de la cote.

If one uses spot S instead of forward F, in instead of the term there is which can be interpreted as a drift factor (in the risk-neutral measure for appropriate numéraire).

"Pour autant, la transaction n'a pas d'incidence sur la note d'endettement Aaa de Microsoft étant donné ses ressources considérables en numéraire," a ajouté l'agence.