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PART III: APPLICATIONS

Part III

APPLICATIONS

Selecting a model becomes a question of finding one that is rich enough to represent most of the risks your product faces, efficient enough to run on a computer in a tolerable amount of time, and simple enough so that programming it is not too complex and burdensome a task.

Emanuel Derman, My Life as a Quant: Reflections on Physics and Finance, 2004


  

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