Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned. ↗
In my own work, I've tried to anticipate what's coming over the horizon, to hasten its arrival, and to apply it to people's lives in a meaningful way. ↗
Except among those whose education has been in the minimalist style, it is understood that hasty moral judgments about the past are a form of injustice. ↗