Welcome to a non-Black-Scholes world

@article{Bouchaud2001WelcomeTA,
  title={Welcome to a non-Black-Scholes world},
  author={Jean-Philippe Bouchaud and Marc Potters},
  journal={Quantitative Finance},
  year={2001},
  volume={1},
  pages={482 - 483}
}
Jean-Phillipe Bouchaud and Marc Potters, citing option markets and risk awareness, challenge the view that the Black-Scholes model needs little improvement - in fact, it should be seen as a special case of a more general theory. 
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References

Theory of Financial Risks (Cambridge: CUP
  • 2000