 State prices

In financial economics, a state-price security, also called an Arrow-Debreu security (from its origins in the Arrow-Debreu model), a pure security, or a primitive security is a contract that agrees to pay one unit of a numeraire (a currency or a commodity) if a particular state occurs at a particular time in the future and pays zero numeraire in all the other states.The price of this security is the state price of this particular state of the world.