Before revision: The widely accepted view on derivatives pricing post-crisis states that - the price of a fully collateralized derivative transaction is obtained by discounting all associated cash flows with the cost of the collateral, while for a non-collateralized derivative transaction the discounting rate should be the cost of unsecured funding of the "issuing" counterparty.
After revision: The paper reviews origins of the approach to pricing derivatives post-crisis states that - the price of a fully collateralized derivative transaction is obtained by discounting all associated cash flows with the cost of the collateral, while for a non-collateralized derivative transaction the discounting rate should be the cost of unsecured funding of the "issuing" counterparty.