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我给80分如果你回答的好,我再加50分Important groundwork for the numerical(i.e.,non-formula-based)valuation of options in practice was laid by Cox and Ross,who established the replication principle and risk-neutral valuation.The replicating principle stipulates that the payoff(and therefore,the value)of an option can be replicated from an equivalent portfolio of traded securities and cash.Risk-neutral valuation implies that the valuation of options is independent of the risk preferences of investors and thus,in a sense,universal.Starting in 1976,alternative option pricing models were developed.They subsequently relaxed some of the stringent assumptions of the Black/Scholes model and thus contributed to a more realistic modeling of the option price.Cox and Ross developed the constant elasticity of variance model,which represents the volatility of the stock prices in a more realistic way.next to emerge were Merton's jump diffusion model and the pure jump model developed by Cox,Ross and Rubinstein,which allowed the stock price to follow a jump process instead of the purely continuous process assumed by Black/Scholes.Finally,Geske's compound option model and Rbuinstein's displaced diffusion model replaced the stock price as the underlying asset with different combinations of debt and the value of the firm.