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Pricing the American put option: A detailed convergence analysis for binomial models

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Figure

Fig. 1.Price, error and bounding error functions depending on refinement.
Fig. 2.Error study using CRR, SMO and two extrapolations of SMO.
Fig. 3. Efficiency for out-of-the-money American put option contracts with short time-to-maturity.
Fig. 4.Efficiency for in-the-money American put option contracts with short time-to-maturity.
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