OPTION PRICING AND IMPLICIT VOLATILITIES1
证明，在Black-Scholes模型假设不成立的情况下，仍可用其隐含波动率为期权定价，为复杂模型提供了一种计算简单的替代方案。
Abstract. This paper demonstrates that Black‐Scholes implied volatilities can be used to value options in many situations where the assumptions of the Black‐Scholes model are violated, including (i) alternative stock processes, (ii) stochastic interest rates, and (iii) market frictions. Given its computational simplicity, this procedure provides an attractive alternative to the more complex models with a direct estimation procedure.