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Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned.
简而言之，我们的结论是，如果平均波动率是正确的，随机波动率不会对定价产生很大影响。就对冲而言，这是一个很大的不同。