View Citation summary March 29, , is considered by many to be the day mathematical finance was born. The jury, while noting that the topic was "far away from those usually considered by our candidates," appreciated its high degree of originality. His purpose, however, was to give a theory for the valuation of financial options. He came up with a formula that is both correct on its own terms and surprisingly close to the Nobel Prize-winning solution to the option pricing problem by Fischer Black, Myron Scholes, and Robert Merton in , the first decisive advance since Aside from providing an accurate and accessible translation, this book traces the twin-track intellectual history of stochastic analysis and financial economics, starting with Bachelier in and ending in the s when the theory of option pricing was substantially complete.
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