The Volatility Smile uses mathematics, calculus, differential equations and stochastic calculus to present models and methods of solution in the world of derivatives pricing, but this isnt a book about mathematics, calculus, differential equations or stochastic calculus. This book develops a readers intuition about a variety of options models, not merely the methods of solution. No assumptions behind financial models are genuinely true, and no financial models are really correct, so its very important to understand what youre doing and why youre doing it. Derman, successful quant, professor, and author, presents readers with the tools they need to form an understanding of the practical use of the Black-Scholes-Merton model by finding the theoretical and practical limitations of it and its extensions to accommodate and explain the volatility smile, as well as the consequences of its extensions. He offers up that it is easy to make up new models but readers should more importantly understand whether they are realistic and what they lead to.  Derman describes the smile structure of implied volatilities and the way that structure contradicts the classic Black-Scholes model then considers some of the sorts of models that can account for the smile. There are many important issues of model choice, model validity and model testing that are of practical concern that involve many people in the front and back office, as well as in IT groups at firms.  Derman shows readers how to build their own models and understand what they lead to.  He also derives simple proofs of the key model formulas and develops them logically so that readers can estimate the effects of the models.

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