Razvojni i λ – razvojni model tržišta dionica
Evolutonary and λ –Evolutionary Stock Market Model

Summary/Abstract: We introduce the Black-Scholes-Merton's market model in continuous time and derive the Black-Scholes formula for European call options price. Then, we describe evolutionary and l - evolutionary market model in continuous time and show that they improve and generalize the Black-Scholes- Merton's model. Moreover, l - evolutionary model of Black-Scholes-Merton in continuous time is described and self-finansing investment strategy is developed for this model. In the last chapter, Black-Scholes formula for European call options price is derived for l - evolutionary model of Black-Scholes-Merton. Finally, applications of concepts of quadratic l -variation and p -variation of a stohastic processes in further development of market model generalizations are indicated.

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