framework for the change of numéraire technique. See for example Brigo and Mercurio (2001) for a change of numéraire toolkit. Numéraire in financial pricing Determining an appropriate numéraire has foundation in several financial pricing models such as options and certain assets. Identifying a risky asset as numéraire has a correlation with the number of underlying assets to model. Underlying shifts are modeled by the following: Where set 1 defines the new numéraire and can output risk. See also Forward measure Price index Unit of account References Allingham M. (2008) Numeraire. In: Palgrave Macmillan (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1514-2 General equilibrium theory Mathematical finance Stock market Finance theories Stochastic processes