numeraie

Numeraie is a term that appears in some economic and financial discussions as a reference to a unit of account or benchmark value used to price other assets within a monetary system. In standard terminology, the corresponding concept is numéraire (often spelled numéraire in French and numéraire or numeraire in English). The form "numeraie" is less common and may reflect orthographic variation rather than a distinct theoretical idea.

In financial mathematics, the related concept of a numeraire refers to a traded asset chosen as the reference against which prices are measured. This choice enables the change of numeraire technique, which simplifies valuation and hedging by transforming price processes into a martingale under an appropriate probability measure. Common numéraires include a risk-free bond or a money-market account, with other assets priced as ratios to the chosen numeraire.

When used, numeraie generally functions as a nonstandard spelling or historical variant rather than a separate object from the conventional numéraire. It may appear in translations, older texts, or linguistic contexts where accent marks are omitted. In contemporary practice, most economic and mathematical literature follows the standard term numéraire to designate the unit of account and the reference asset in pricing and valuation.

See also: numéraire, change of numeraire, risk-neutral valuation, martingale measure, unit of account.