numeraire(numeraire法语是现金吗)

通常还被如下解释nd1 is also the ITM probably at expiry， but under the measure that uses the stock price as the numeraire 参见 Wilmott Forums我的理解是这样子的在任何XNumerarie下面，X自身就是一个Martingale 比如风险中性测度下，折现未来价格就是Martingale比如Forward测度下。