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The Mathematics Of Arbitrage

 Author: Freddy Delbaen, Walter Schachermayer  Category: Mathematics  Publisher: Springer  Published: February 14, 2006  Tags: KnowledgeMathematicsScience |

In 1973 F. Black and M. Scholes published their pathbreaking paper [BS 73] on option pricing. The key idea attributed to R. Merton in a footnote of the Black-Scholes paper is the use of trading in continuous time and the notion of arbitrage.


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