Recent propositions in derivative pricing and stochastic volatility modelling suggest that truth exists below the surface of derivative and asset prices; truth as seen from God's point of view; and that this final truth is the rough volatility model. By contrast; the market models approach (e.g. Bergomi) finds no place for such underlying truth; or underlying stochastic process; and believes only in surface models; where derivatives are the underliers and their price is the only fact; produced solely by the machinic; autonomous and anonymous logic of the market. We attempt to strike the right balance between these two extremes.
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