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Incompleteness is generated by non-traded assets and the underlying problem is how to price and hedge derivatives that are written on such securities. The level of the non-traded assets can be fully observed across time, but it is not feasible to create a perfect replicating portfolio. Therefore, the market is incomplete and alternatives to the arbitrage pricing must be developed in order to specify the appropriate price concept and to define the related risk management. The paper is designed to expose some fundamental ingredients and intuitive elements of the indifference valuation theory. The authors consider a market environment with log-normal dynamics of the stock and general diffusion dynamics for the correlated non-traded asset. 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