เปรียบเทียบวิธี

	แบบจำลองความผันผวนเชิงสุ่ม (Heston)	แบบจำลองความเสี่ยงด้านเครดิต (Merton, KMV, CreditMetrics)
สาขาวิชา	การเงิน	การเงิน
ตระกูล	Regression model	Regression model
ปีกำเนิด	1993	1974
ผู้ริเริ่ม	Steven L. Heston	Robert C. Merton (structural model); J.P. Morgan / Gupton et al. (CreditMetrics)
ประเภท	Continuous-time stochastic volatility model	Structural and portfolio credit risk model
แหล่งต้นตำรับ	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.	Merton, R. C. (1974). On the Pricing of Corporate Debt: The Risk Structure of Interest Rates. The Journal of Finance, 29(2), 449-470.
ชื่อเรียกอื่น	Heston model, SV model, continuous-time stochastic volatility, Stokastik Volatilite Modeli (Heston, SV)	Merton model, KMV model, CreditMetrics, structural credit risk model
ที่เกี่ยวข้อง	5	5
สรุป	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.	Credit risk models estimate the probability that a borrower defaults and the resulting distribution of credit losses. The structural approach was introduced by Robert C. Merton in 1974, treating a firm's equity as a call option on its assets, and was later extended into the KMV distance-to-default framework and the CreditMetrics rating-transition portfolio model published by J.P. Morgan in 1997.