All later option-price models are consistent refinements of Black-Scholes-Merton

Evidence

For all the diversity and elaboration of option theory after 1973, the work of Black, Scholes, and Merton remained paradigmatic. None of what followed contradicted their approach; it was all consistent with it. For example, the Black-Scholes-Merton model is a limit case of the Cox-Ross-Rubinstein model. — Donald MacKenzie, An Engine, Not a Camera, 624

Categorization

• DEFINE: Establishes the parametric structure of the model family: later models are limit cases, not rivals, which matters for how ‘the model’ became a market institution.
• XREF: connects to: The Cox-Ross-Rubinstein model made option pricing computable numerically. — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 618

Broader Connections

• The Cox-Ross-Rubinstein model made option pricing computable numerically. #exemplifies (0.80) — Donald MacKenzie, An Engine, Not a Camera, 618