Stochastic processes provide a rigorous framework for modelling systems that evolve over time under uncertainty, while extremal theory offers the tools for understanding the behaviour of rare, ...
The left side represents the theoretical framework; the top middle contains a labeled box with a circumscribed circle displaying the call and put option prices (c, p), as well as the delta and vega ...
Merton, Robert C. "Analytical Optimal Control Theory as Applied to Stochastic and Non-Stochastic Economics." Diss., Massachusetts Institute of Technology (MIT), 1970.
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