The black-scholes model, for example, which was invented in 1973 to price options, is still used extensively.

1973年提出的Black - Scholes期权定价模型目前仍然广泛使用。

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The option pricing problem is one of the important research topics in the field of financial economics. The Black-Scholes model has provided the way for people to study this issue.

期权定价问题历来是金融经济学中的重要研究课题之一，布莱克-斯科尔斯模型为人们提供了研究这一课题的方法。

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Black-Scholes is just a model, not a complete description of the world.

布·斯方程只是一个模型，而并非对这个世界的完整描述。

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They understood and calculated volatility, perhaps not so precisely as the Black-Scholes model that later garnered a Nobel Prize in economics, but good enough to get by and not misprice quotes on the puts and calls they made markets in.

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The Chicago native earned a finance doctorate at the University of Chicago in the early 1970s, when he worked with advisors like Nobel Prize winner Merton Miller and Fischer Black and Myron Scholes, coauthors of the Black-Scholes options pricing model.

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The idea that significant arbitrage opportunities are unlikely to exist (and certainly do not persist) is precisely the mechanism behind the Black-Scholes option-pricing model that Mr. Derman admires as a financial model behaving pretty well.

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