THE BLACK-SCHOLES FORMULA: A VIRTUAL LABORATORY

In the past years, the study of the stock markets has been promoted by using mathematical models. The economists, F. Black y M. Scholes, proposed a model based on a partial derivatives equation yielding to the modern theory of valuing assets which has been on the basis of numerous extensions and generalizations. Under given conditions, the analytic solution can be known and we obtain the “so called” Black-Scholes formula. This formula relates the theoretical value of an option Call or Put (European), the time elapsed until the expiration date, the present price of the underlying asset, the interest annual rate, the price of the option exercise and the volatility of the underlying asset.
In this work, a new virtual laboratory has been developed by using the Graphical User Interface (GUI) of MATLAB. This interface allows a graphical representation of the relationship between two any parameters of the Black-Scholes formula keeping constant the other parameters. This virtual laboratory is a valuable pedagogical tool for the understanding of the Black-Scholes formula by students of Economy, Finances, Accounting, Administration and Administration managing careers.