"An alternative approach to the valuation of cash flows"

In some cases of cash flow valuation, the standard approach of using 
no-arbitrage arguments is not a good modelling principle. Instead of 
focusing on the financial market and its traded asset, the main object 
in this approach is the cash flow. The cash flows are modelled as quite 
general stochastic processes, and by applying a representation theorem 
from the general theory of processes we are able to study the behaviour 
of valuation principles, as well as properties of the stochastic 
discount factor they imply. The valuation approach presented is 
especially useful when there is no underlying financial market, as is 
often the case when valuing cash flows arising from insurance contracts, 
in real option applications and when valuing certain derivatives, such 
as futures, when there is a non-trading underlying asset.