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okay so today Im going to talk about uh Mar graas formula which is uh which nicely demonstrates how to use numerar in quantitative Finance uh because there is a trick with change of measure and here we are going to to use different measure than we use uh in Black shells where the numerator is chosen to be uh risk-free asset which is money market account or Bond so in this case the numer chosen wont be a risk-free asset it will be uh a share let me just uh simply uh describe the payoff of uh an exchange option uh okay so exchange option allows you to exchange one share for another say there is share S2 and S1 and you are allowed uh to exchange S1 for S2 okay so uh if the maturity S2 is um more valuable than S1 you get the difference basically okay so that is what this uh payoff is trying to to tell you okay so this is the call option uh that allows you to exchange uh one asset for another this is a asset that pays no that pays uh no dividends okay both S1 and S2 and Im going to set u
