Pricing a Class of American and European Path Dependent Securities
针对路径依赖证券（其价值取决于标的变量当前及历史值）难以用传统倒推法定价的问题，提出一系列命题，使一类美式和欧式路径依赖证券的定价成为可能。
Path dependent securities depend on current and past values of underlying state variables. Consequently, the usual backward evaluation technique is difficult to apply since state variable values existing earlier in real time are unknown. This paper develops a series of propositions which makes possible the pricing of a certain class of both American and European versions of these path dependent securities.