Research Seminar in

continues to meet in G5 (Rolla Building)

on Tuesday, April 17, 2001, 3:30 pm.

All interested faculty and students are invited to attend.

David Grow
claims and will prove to us that  
All derivations of the Black-Scholes options
pricing model have gaps.

The talk will survey all derivations in the research literature of the Black-Scholes model for pricing European stock options, and point out that in each derivation either a "miracle" (i.e. a mathematically unjustified assertion) occurs or the theoretical framework already precludes any model but Black-Scholes.