In complete and perfect financial markets, every derivative financial contract can be uniquely and preference-independently valued using the principle of arbitrage. However, since real financial markets do not meet these idealized conditions, the preferences of market participants must be taken into account for an economically sound valuation. The classical modeling of preferences within the framework of expected utility maximization is not practical in this context. Andreas Ott develops a concept for the valuation of derivatives in incomplete and imperfect financial markets using growth-oriented portfolio planning. In this alternative portfolio model, preferences are modeled based on growth targets, and a utility function is not required. Analogous to utility-based valuation, a growth-oriented state price vector is established.