Editing Black model (section)

{{Short description|Financial model}}
{{no footnotes|date=March 2013}}
The '''Black model''' (sometimes known as the '''Black-76 model''') is a variant of the [[Black–Scholes]] option pricing model. Its primary applications are for pricing options on [[future contract]]s, [[bond option]]s, [[interest rate cap and floor]]s, and [[swaption]]s. It was first presented in a paper written by [[Fischer Black]] in 1976.

Black's model can be generalized into a class of models known as log-normal forward models.