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Das Äquivalenzprinzip der Finanzmathematik

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  • Walther, Ursula

Abstract

Das Äquivalenzprinzip der Finanzmathematik vergleicht und bewertet Zahlungsströme. Dazu ist eine Bewertung von Zeit und von Unsicherheit notwendig. Aus einem mathematischen Blickwinkel gesehen ist die Bewertung eine Äquivalenzrelation. Diese Darstellungsweise gibt einen einheitlichen formalen Rahmen. In der Finanzmathematik wird Zeit durch Verzinsung bewertet. Bei der Bewertung der Unsicherheit stehen sich das klassische Bernoulli-Prinzip mit individuellen Präferenzen und die personenunabhängige, kapitalmarkttheoretische Preistheorie gegenüber. Der Artikel bettet beide Ansätze in den gleichen formalen Kontext ein, so dass Gemeinsamkeiten und Unterschiede verdeutlicht werden.

Suggested Citation

  • Walther, Ursula, 2002. "Das Äquivalenzprinzip der Finanzmathematik," Freiberg Working Papers 2002/08, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
    • Handle: RePEc:zbw:tufwps:200208
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    More about this item

    Keywords

    Finanzmathematik; Äquivalenzprinzip; Zahlungsstrom; Bewertung; principle of equivalence; financial mathematics; cash flow stream; valuation;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General

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