The Volatility Smile: An Introduction for Students and Practitioners (Wiley Finance)
"The Volatility Smile: An Introduction for Students and Practitioners" by Emanuel Derman and Michael B. Miller provides a comprehensive exploration of the Black-Scholes-Merton option model and its limitations in explaining market behavior, offering insights into the volatility smile phenomenon and the advanced models developed to address these discrepancies, alongside principles of financial valuation and model application.
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