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exists a riskless alternative to investments, e.g., bonds. The price process of a bond with the initial price \\(y\\) and the interest rate \\(r>0\\) is \\(B=\\{B_t:t\\geq 0\\},\\) where \\(B_t=y e^{r t}\\). The Russian option as introduced by \\textit{L. A. Shepp} and \\textit{A. N. Shiryaev} [Ann. Appl. Probab. 3, No. 3, 631--640 (1993; Zbl 0783.90011)] is a perpetual American contingent claim with the payment process \\(G_t=e^{-\\lambda t}\\max\\{\\sup_{s\\leq t}S_s, \\beta x\\}\\). In other words, the buyer of the Russian option can choose a time point \\(\\tau\\) to exercise the option and receive the payment \\(G_\\tau\\). The solution to the pricing problem of the Russian option given by \\textit{L. A. Shepp} and \\textit{A. N. Shiryaev} (loc. cit.) is considerably simplified by \\textit{L. A. Shepp} and \\textit{A. N. Shiryaev} [Theory Probab. Appl. 39, No. 1, 103--119 (1994); translation from Teor. Veroyatn. Primen. 39, No. 1, 130-149 (1994; Zbl 0829.60055)]. The proposed method is developed by \\textit{A. N. Shiryaev, Yu. M. Kabanov, O. D. Kramkov} and \\textit{A. V. Mel'nikov} [ibid. 39, No. 1, 14--60 (1994); resp. ibid. 39, No. 1, 23--79 (1994; Zbl 0833.60064) and ibid. 39, No. 1, 61--102 (1994); resp. ibid. 39, No. 1, 80--129 (1994; Zbl 0833.60065)] and the term ``dual martingale measure'' is introduced to describe it. NEWLINENEWLINENEWLINEIn this article a new approach to dual martingale measure based on excessive transforms or Doob's \\(h\\)-transforms is presented. Making use of a generalization of the L\u00e9vy theorem for a Brownian motion with drift the author proposes a shortcut to the result of \\textit{L. A. Shepp} and \\textit{A. N. Shiryaev} on the Russian option. The problem of determining the rational price of an American contingent claim is a problem of the optimal stopping [see \\textit{I. Karatzas}, Appl. Math. Optim. 17, No. 1, 37--60 (1988; Zbl 0699.90010) and \\textit{A. N. Shiryaev, Yu. M. Kabanov, O. D. Kramkov} and \\textit{A. V. Mel'nikov} (loc. cit.)]. The corresponding optimal stopping problem is solved with the technique exploiting the representation theory of excessive functions as presented by the author [Math. Nachr. 124, 85--101 (1985; Zbl 0594.60080)]. The paper is concluded by indicating how to price American contingent claims with the payment process of the type \\(t\\mapsto e^{-\\lambda t} S^a_t\\sup_{s\\leq t} S^b_s,\\) where \\(\\lambda\\geq 0\\) and \\(a\\) and \\(b\\) are arbitrary real numbers.","type":"string"},"datatype":"string"},"type":"statement","id":"Q2732674$4B2B5EAD-2441-4A86-98AD-595634D9EA01","rank":"normal"}],"P1447":[{"mainsnak":{"snaktype":"value","property":"P1447","hash":"f8bbc8e38831fbb21f0b463cbc9e97b04a4a561a","datavalue":{"value":{"entity-type":"item","numeric-id":591741,"id":"Q591741"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2732674$6D128C85-573B-449A-A923-56790673E322","rank":"normal"}],"P1643":[{"mainsnak":{"snaktype":"value","property":"P1643","hash":"0907dc7a7254b6c7181af92de2cf8fa205a06593","datavalue":{"value":{"entity-type":"item","numeric-id":4218910,"id":"Q4218910"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"6c4533da30bd9b49f251ed459656be175ca5b17a","datavalue":{"value":{"amount":"+0.8895615935325623","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2732674$C16DA020-00F3-4FA3-9730-CDB5176C5558","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"ee3fb38bedddb82d31e872b5da962460ed21cecb","datavalue":{"value":{"entity-type":"item","numeric-id":4802419,"id":"Q4802419"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"7443e4fdc9f2b1d8ddb62697742e369e524c8bb9","datavalue":{"value":{"amount":"+0.8895614743232727","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2732674$25EBD273-252C-48DD-B40B-3E5D2D476D08","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"ed580c17d2242fcd0356352180330b0b13c81435","datavalue":{"value":{"entity-type":"item","numeric-id":1892983,"id":"Q1892983"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"b248317e070486d9cd2c57720bc4098fafd74bd3","datavalue":{"value":{"amount":"+0.8837651610374451","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2732674$EA8B3CE3-62A5-4FB6-B07B-CA27A5652B2D","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"0d83948af62690290c31394133c8d1cd33a3acae","datavalue":{"value":{"entity-type":"item","numeric-id":2488479,"id":"Q2488479"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"05a0b3b211a2050c1eb1eb86d4387a7bc6b917b4","datavalue":{"value":{"amount":"+0.882057785987854","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2732674$4DF790D4-9546-4A3C-9B9E-C33791E62083","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"f5cd8bc7ef1d0670ee40c5abe630b127a8a7b760","datavalue":{"value":{"entity-type":"item","numeric-id":3364259,"id":"Q3364259"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"83374d22c5efa7d4995da892acccdebe6fe9c2ca","datavalue":{"value":{"amount":"+0.8719649314880371","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"a327a09ea0305e98d5cf33bd4036320e19f2aed0","datavalue":{"value":{"entity-type":"item","numeric-id":6821328,"id":"Q6821328"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2732674$3F9FC835-CC13-4441-BFCF-56A6509FC1FB","rank":"normal"}]},"sitelinks":{"mardi":{"site":"mardi","title":"Publication:2732674","badges":[],"url":"https://portal.mardi4nfdi.de/wiki/Publication:2732674"}}}}}