Martin Nicole*
In the evolving landscape of financial derivatives, the quest for precise option pricing mechanisms remains paramount. The Black-Scholes model, despite its historical significance, falls short in addressing the complexities of modern financial markets, such as stochastic volatility and interest rates. Recognizing these limitations, financial theorists and practitioners have developed advanced models that incorporate more realistic elements. One such development is the integration of stochastic interest rates and pure jump Levy processes into option pricing models. This article explores this innovative approach and its implications for the financial industry.
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