In 1973 F. Black and M. Scholes published their pathbreaking paper [BS 73] on option pricing. The key idea — attributed to R. Merton in a footnote of the Black-Scholes paper — is the use of trading in continuous time and the notion of arbitrage. The simple and economically very convincing “principle of noarbitrage” allows one to derive, in certain mathematical models of financial markets (such as the Samuelson model, [S 65], nowadays also referred to as the “Black-Scholes” model, based on geometric Brownian motion), unique prices for options and other contingent claims. This remarkable achievement by F. Black, M. Scholes and R. Merton had a profound effect on financial markets and it shifted the paradigm of dealing with financial risks towards the use of quite sophisticated mathematical models.

1973年，F.Black和M.Scholes发表了他们关于期权定价的开创性论文[bs73]。在布莱克-斯科尔斯论文的一个脚注中，R.Merton提出了一个关键的观点，那就是连续时间交易的使用和套利的概念。简单且经济上非常有说服力的“无风险原则”允许人们在金融市场的某些数学模型（例如萨缪尔森模型[S 65]，现在也被称为基于几何布朗运动的“布莱克-斯科尔斯”模型）中，推导出期权和其他未定权益的独特价格。F.Black、M.Scholes和R.Merton的这一显著成就对金融市场产生了深远的影响，它将处理金融风险的范式转向了使用相当复杂的数学模型