shelf317 发表于 2013-8-8 09:52 
can you elaborate on your rationale?
your comments are too general, I guess.
OK, I think it's nothing new, but a general principle.
for pricing, you have to be in the risk neutral world, otherwise, you can not satisfy the no-arbitrage condition. ( and forward measure is a similar stuff)
for risk management, you should be in the physical measure, otherwise you under or over estimate the probability if you put it under the risk neutral measure.
So we can't say which measure is more important. They just have different roles.
best,