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Black & Scholes [1973] the derivative can be exactly replicated by constructing a portfolio of the underlying asset (stock) and riskless bonds. how does Black

Black & Scholes [1973] the derivative can be exactly replicated by constructing a portfolio of the underlying asset (stock) and riskless bonds. how does Black & Scholes [1973] playing essential roles in the derivative market? Does Black & Scholes [1973] applicable current practice? What are advantage and weakness of Black & Scholes [1973] in exotic option?

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