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Asset allocation has primarily focused its attention on attaining mean variance efficiency by employing diversification strategies following the portfolio selection methodologies of Markowitz[1952]. These are important principles that have given rise to a large variety of diversified investment choices in mutual funds that now outnumber the available choices for investment in stocks. Paralleling this development has been a growing interest in the second odd moment describing returns, the level of skewness. The empirical stability of return skewness has been noted in Beedles and Simkowitz[1980]. Earlier, the importance of skewness for portfolio selection was studied by Arditi and Levy[1975] and Kraus and Litzenberger[1976]. More recently, motivated by the persistence skews observed in option markets (Bates[1991]), Bakshi Kapadia, and Madan [2000] take up the issue of studying the links between the statistical and risk neutral skews, while Harvey and Siddique[1999] address the asset pricing implications of investor preferences for skewness. Evidence is also presented by Carr, Geman, Madan, and Yor [2000] that the primary model for diversified returns is that of a pure jump return process reflecting both, excess kurtosis and skewness.

The payoffs of exotic options (e.g., up‐and‐out call options) are dependent on the time‐path of asset prices rather than the price of the asset at a fixed point in time. The authors of this article compare various models for calibrating volatility surfaces in order to price up‐and‐out call options.

Option pricing theory enables computation of the price of an option using different variables associated with the underlying security and options contract. The purpose of this study is to assess research trends that emerged in the field of option pricing. This study reviews existing literature of the option pricing domain, both qualitatively and quantitatively, and identifies potential themes for future research.

This study adopts bibliometric analysis method to explore literature published in the option pricing domain. As part of bibliometric analysis, this study considers both descriptive and network analysis to assess publication trends. For descriptive analysis, the “bibliometrix” package proposed by Aria and Cuccurullo (2017) is used and for network analysis, VOS viewer (Van Eck and Waltman, 2017) and Gephi (Bastian et al., 2009) are used.

This study identifies research trends, top researchers, articles, journals and contributions from institutions and countries in the option pricing domain. It identifies four clusters that show different directions and also focuses on past studies on the same subject. It explores research gaps by performing an in-depth analysis of existing literature on option pricing and suggests the way forward for research in this area.

To the best of the authors’ knowledge, no previous studies have attempted to analyze the literature published in the option pricing domain. This study fulfils this research gap by conducting a comprehensive analysis of studies in the option pricing area. This study identifies quality research work published in the domain, research trends, contribution by most relevant researchers, contributions across geographies and institutions and the connections among these aspects. This study also identifies important themes and provides directions for future research.

The purpose of this paper is to meet Dr Joyce Shaffer, PhD, ABPP, Clinical Associate Professor at the University of Washington.

This case study is presented in two sections: a positive autoethnography written by Joyce Shaffer, followed by her answers to ten questions.

In this positive autoethnography, Shaffer shares her life story and reveals numerous mental health and positive aging recommendations and insights for us to reflect on.

This is a personal narrative, albeit from someone who has been a clinical psychologist and active in the field of aging for many decades.

A pragmatic approach to aging is recommended. According to Shaffer, “those of us who can recognize the beat of the historical drummer can harvest the best of it and learn from the rest of it.”

Positive aging has strong social implications. Shaffer considers that it is not only about maximizing our own physical, mental, emotional and social health but also about maximizing that of others, to make our world a better place for everyone.

Positive aging can be experienced despite adversity. As Shaffer says, “Adversity used for growth and healed by love is the answer.”