Valuation by Approximation: A Comparison of Alternative Option Valuation Techniques
比较了在无解析解时多种期权估值近似技术的差异，重点分析单随机变量下二叉树和有限差分法的计算效率，结论可推广至公司证券定价。
The purpose of this paper is to compare a variety of approximation techniques for valuing contingent contracts when analytic solutions do not exist. The comparison is made with respect to the differences in both the approximation theory and the efficiency of the computation algorithms. The focus of the computational comparison is upon binomial and finite difference methods applied to option valuation models with one stochastic variable. However, many of the results would generalize to pricing corporate securities, and also to certain aspects of problems involving multiple stochastic variables.