---
product_id: 196384160
title: "The Volatility Smile: An Introduction for Students and Practitioners (Wiley Finance)"
price: "₱9737"
currency: PHP
in_stock: true
reviews_count: 13
url: https://www.desertcart.ph/products/196384160-the-volatility-smile-an-introduction-for-students-and-practitioners-wiley
store_origin: PH
region: Philippines
---

# The Volatility Smile: An Introduction for Students and Practitioners (Wiley Finance)

**Price:** ₱9737
**Availability:** ✅ In Stock

## Quick Answers

- **What is this?** The Volatility Smile: An Introduction for Students and Practitioners (Wiley Finance)
- **How much does it cost?** ₱9737 with free shipping
- **Is it available?** Yes, in stock and ready to ship
- **Where can I buy it?** [www.desertcart.ph](https://www.desertcart.ph/products/196384160-the-volatility-smile-an-introduction-for-students-and-practitioners-wiley)

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## Why This Product

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## Description

The Volatility Smile The Black-Scholes-Merton option model was the greatest innovation of 20th century finance, and remains the most widely applied theory in all of finance. Despite this success, the model is fundamentally at odds with the observed behavior of option markets: a graph of implied volatilities against strike will typically display a curve or skew, which practitioners refer to as the smile, and which the model cannot explain. Option valuation is not a solved problem, and the past forty years have witnessed an abundance of new models that try to reconcile theory with markets. The Volatility Smile presents a unified treatment of the Black-Scholes-Merton model and the more advanced models that have replaced it. It is also a book about the principles of financial valuation and how to apply them. Celebrated author and quant Emanuel Derman and Michael B. Miller explain not just the mathematics but the ideas behind the models. By examining the foundations, the implementation, and the pros and cons of various models, and by carefully exploring their derivations and their assumptions, readers will learn not only how to handle the volatility smile but how to evaluate and build their own financial models. Topics covered include: The principles of valuation Static and dynamic replication The Black-Scholes-Merton model Hedging strategies Transaction costs The behavior of the volatility smile Implied distributions Local volatility models Stochastic volatility models Jump-diffusion models The first half of the book, Chapters 1 through 13, can serve as a standalone textbook for a course on option valuation and the Black-Scholes-Merton model, presenting the principles of financial modeling, several derivations of the model, and a detailed discussion of how it is used in practice. The second half focuses on the behavior of the volatility smile, and, in conjunction with the first half, can be used for as the basis for a more advanced course.

Review: Situation of the book - Really good copy thanks
Review: Five Stars - Very useful and insightfull

## Technical Specifications

| Specification | Value |
|---------------|-------|
| Best Sellers Rank | 288,006 in Books ( See Top 100 in Books ) |
| Customer Reviews | 4.6 out of 5 stars 82 Reviews |

## Images

![The Volatility Smile: An Introduction for Students and Practitioners (Wiley Finance) - Image 1](https://m.media-amazon.com/images/I/81wgSCR8NvL.jpg)

## Customer Reviews

### ⭐⭐⭐⭐⭐ Situation of the book
*by A***R on 1 June 2018*

Really good copy thanks

### ⭐⭐⭐⭐⭐ Five Stars
*by A***R on 27 October 2016*

Very useful and insightfull

### ⭐⭐⭐⭐⭐ An essential book for Financial Mathematicians
*by K***E on 3 January 2017*

This is a very thorough and excellent book on the underlying mathematics of options trading, with a particular focus on the divergence of the implied volatility of the Black-Scholes-Merton model from the expected flat volatility curve. The book is aimed at a technical audience and, for such an audience, is well presented and includes a number of very helpful, and illuminating, end of chapter exercises. An essential addition to the library of those interested in Financial mathematics.

## Frequently Bought Together

- The Volatility Smile (Wiley Finance)
- The Volatility Surface: A Practitioner's Guide
- Dynamic Hedging: Managing Vanilla and Exotic Options

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*Product available on Desertcart Philippines*
*Store origin: PH*
*Last updated: 2026-09-02*