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The Black-Scholes model is a fundamental concept in financial economics and actuarial practice, primarily used for pricing European-style options. Developed by Fischer Black, Myron Scholes, and later refined by Robert Merton, the model provides a mathematical framework to estimate the fair value of an option based on key variables: the underlying asset price, the strike price, time to maturity, risk-free interest rate, and the _________ _______ ____ ______ ____ _______ _______ _______ ______ _______ ____.
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