... Publishing (19 83).Johnson, H. E., “An Analytic Approximation for the American Put Price.” Journal of Financial and Quantitative Analysis 18 , 14 1 14 8 (19 83).Kamrad, B. and P. Ritchken, “Multinomial Approximating ... 229–264 (19 79).Geske, R. and K. Shastri, “Valuation by Approximation: A Comparison of AlternativeOption Valuation Techniques.” Journal of Financial and Quantitative Analysis20, 45– 71 (19 85).Geske, ... V. KraminSantel, Tatarstan American In vestment Fund, RussiaStephen D. YoungWachovia Capital Markets, USAThis article elaborates an n-order multinomial lattice approach to value derivative...