One particular product of the work of Cox and Ross was to take on a special practical significance, as we shall see in chapter 7. This arose from a collaboration between them and Mark Rubinstein, a finance academic at the University of California at Berkeley who had particular expertise in the applications of computing to finance. The Cox-Ross-Rubinstein model (sketched in appendix E) was an attractive practical alternative to Black-Scholes. It was especially suited to implementation on a digital computer, and if the computer was powerful enough the Cox-Ross-Rubinstein model allowed option-pricing problems that were difficult or impossible to solve by analytical techniques to be solved numerically.

Donald MacKenzie, An Engine, Not a Camera, loc. 618