Parameter estimation with k-means clustering

Since the seminal work by Black, Scholes and Merton on the geometrical Brownian motion model, various continuous-time models have been introduced as alternatives to the Black-Scholes model, such as Levy pure-jump, stochastic volatility and jump-diffusion models. These were introduced to fix some unrealistic properties of the Black-Scholes model, and have been successful to various degrees when applied to derivatives pricing and hedging. On the other hand, an important practical problem about the

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