Explain the working of breakthrough for option valuation

Question

Explain the working of breakthrough in low-discrepancy sequences used for option valuation.

Answer 1

Work was less of a breakthrough than a transfer of technology of them. They used ideas by the field of number theory and applied them to finance. Now, these low-discrepancy sequences are commonly used for option valuation when random numbers are required. A few years after these researchers made their work public; a fully unrelated group at Columbia University successfully patented the work.