When the market is complete, the present value of any derivative security is equivalent to mathematical expectation of its underlying profit discount value under equivalent martingale measurement.

当市场是完备时，任意衍生证券的现值等于该证券未来收益折现值在等价鞅测度下的数学期望。

youdao

If you had a perpetuity, which paid C/2 forever, you already know from the perpetuity formula that the value of that would be C/2 divided by r/2 if r/2 is the discount rate.

如果你有一只永续债券,每半年付息C/2,没有到期日,从永续债券的公式可以知道,债券价格等于C/2除以r/2,r/2为贴现率

耶鲁公开课 - 金融市场课程节选

If passed by Congress, pending legislation will eliminate the ability to discount the value of FLP gifts.

FORBES

Now, if you give a family member a minority share in your business, an appraiser legally can discount its value.

WSJ: Family Value: New Hazards for Estate Plans

There are still a myriad of techniques that can be used to discount the value of stock for transfer purposes.

FORBES: Want to Avoid the Estate Tax Cliff? Five Ways to Help