Black-Scholes model

Black-Scholes model is an options pricing model based on complicated algebraic formulas. The formula was jointly developed in 1973 byb economists Myron S. Scholes and Robert C. Merton as well as mathematician Fisher Black. Until the Chigaco Board Options Exchange was opened, the options market was minute in size compared to other markets. The formula is now widely used to price options contracts, futures, insurance and other derivatives.

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