방법 비교

	이항 옵션 가격 결정 모형 (Cox-Ross-Rubinstein)	Merton Jump-Diffusion Model
분야	재무학	재무학
계열	Regression model	Regression model
기원 연도	1979	1976
창시자	John Cox, Stephen Ross & Mark Rubinstein	Robert C. Merton
유형	Discrete-time lattice option-pricing model	Continuous-time asset price model (diffusion plus Poisson jumps)
원전	Cox, J. C., Ross, S. A., & Rubinstein, M. (1979). Option pricing: A simplified approach. Journal of Financial Economics, 7(3), 229–263.	Merton, R. C. (1976). Option Pricing When Underlying Stock Returns Are Discontinuous. Journal of Financial Economics, 3(1–2), 125–144.
별칭	binomial tree model, Cox-Ross-Rubinstein model, CRR model, lattice option pricing	Merton jump-diffusion, jump-diffusion process, Atlama Difüzyon Modeli (Merton Jump-Diffusion)
관련	4	4
요약	The binomial option pricing model, introduced by John Cox, Stephen Ross, and Mark Rubinstein in 1979, prices options by modelling the underlying as a discrete tree in which the price moves up or down by fixed factors at each step. Working backward from the option's payoff at maturity using risk-neutral probabilities, it produces a no-arbitrage price that converges to Black-Scholes as the number of steps grows — while naturally handling American early exercise, which the closed-form formula cannot.	The Merton Jump-Diffusion model, introduced by Robert C. Merton in 1976, extends Geometric Brownian Motion by adding sudden price jumps generated by a Poisson process. It captures the volatility smile and the fat-tailed return behaviour that standard Black-Scholes cannot explain, and is widely used in option pricing and risk management.