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2012 | OriginalPaper | Chapter
Applications
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There has perhaps been no application in the decision sciences for which there was such a dire need for a theoretical solution to an important practical problem as with the options pricing problem on the cusp of the formation of a new and potentially large and lucrative financial market. Nor has there been an application on which tens of trillions of dollars of activity per year would depend. Almost immediately upon the release of the Black-Scholes equation, its two principal authors were enlisted in an institution of potential size and importance beyond their wildest dreams.