Comparar métodos

	Modelo de Precificação de Opções de Black-Scholes-Merton	Modelo de Volatilidade Estocástica (Heston)
Área	Finanças	Finanças
Família	Regression model	Regression model
Ano de origem	1973	1993
Autor original	Fischer Black, Myron Scholes & Robert Merton	Steven L. Heston
Tipo	Continuous-time option-pricing model	Continuous-time stochastic volatility model
Fonte seminal	Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of Political Economy, 81(3), 637–654.	Heston, S. L. (1993). A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options. Review of Financial Studies, 6(2), 327-343.
Outros nomes	Black-Scholes formula, Black-Scholes-Merton model, BSM model, Black-Scholes opsiyon fiyatlama modeli	Heston model, SV model, continuous-time stochastic volatility, Stokastik Volatilite Modeli (Heston, SV)
Relacionados	4	5
Resumo	The Black-Scholes-Merton model, published by Fischer Black and Myron Scholes in 1973 with the theoretical framework extended by Robert Merton, gives a closed-form no-arbitrage price for European options. By assuming the underlying asset follows geometric Brownian motion with constant volatility, it derives a partial differential equation whose solution expresses the option price in terms of the stock price, strike, time to maturity, risk-free rate, and volatility — transforming option pricing from intuition into a rigorous, tractable formula.	The stochastic volatility model is a continuous-time option-pricing and risk framework in which volatility follows its own random process rather than staying constant. The Heston model, introduced by Steven Heston in 1993, gives the variance a mean-reverting square-root (CIR) dynamic and yields a closed-form option price; it is the continuous-time counterpart of GARCH.