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Stock Price as Numeraire. Usually we use the bond as numeraire (discount factor), but we can use any other traded security. For example we can

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Stock Price as Numeraire. Usually we use the bond as numeraire (discount factor), but we can use any other traded security. For example we can use the bond price B_t discounted by the stock price S_t, i.e., consider the process B_t = B_t/S_t

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