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Streams of payments are represented as measures on the real line. A wide class of consistent rules for evaluation of payment streams are determined from a set of basic axioms. Additional regularity requirements lead to valuating any payment stream by the integral of a positive discount function with respect to the payment measure. Inter-relationships between general ized annuities and lump sum payments are obtained by the general rule of integration by parts. By placing probabilitydoi:10.1080/03461238.1990.10413870 fatcat:6rhq5k53vbdvrcwjobdgltug3y