Preface
In the forty years since the seminal article by Black and Scholes (1973), quantitative methods have become indispensable in the assessment, pricing and hedging of financial risk. This is most evident in the techniques used to price derivative financial instruments, but permeates all areas of finance. In fact, the option pricing paradigm itself is being increasingly applied in situations that go beyond the traditional calls and puts. In addition to more complex derivatives and structured financial products, which incorporate several sources of risk, option pricing techniques are employed in situations ranging from credit risk assessment to the valuation of real (e.g. plant) investment alternatives.
As quantitative finance has become more ...
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