Meissner, Gunter; Burke, James - In: International Journal of Financial Markets and Derivatives 2 (2011) 4, pp. 298-313
In 1973, Fisher Black, Myron Scholes and separately Robert Merton derived the Black-Scholes-Merton (BSM) model, which was rewarded the Nobel Prize in 1997. Despite its limitations, the model has survived until today as the dominant pricing model for standard and exotic European style options....