This paper proposes an option pricing model which can estimate the market’s expected return and the market’s uncertainty of this return while complying with various complex characteristics of real world markets. First, it is proposed that the market is not homogenous; the market is made up...

This paper proposes an option pricing model which can estimate the market’s expected return and the market’s uncertainty of this return while complying with various complex characteristics of real-world markets. First, it is proposed that the market is not homogenous; the market is made up...