This article serves the purpose of reviewing recent developments of the estimation and modeling of volatilities for financial products as well as on the pricing and hedging of financial derivatives that are related to volatility under certain models. It also provides a reading guide for the contributed papers. Emphases are put on continuous processes in continuous time. Discrete time models and models with jumps are not included in the discussion. Presentation of the article is more intuitive and heuristic rather than mathematically sound and rigorous in nature.

中文翻译：

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波动率和与波动率相关的衍生工具：估计，建模和定价

本文旨在回顾金融产品波动率估计和建模的最新进展，以及在某些模型下与波动率相关的金融衍生工具的定价和对冲。它还提供了论文的阅读指南。重点放在连续时间的连续过程中。讨论中不包括离散时间模型和带跳跃的模型。这篇文章的呈现本质上比数学上的严格和严格，而不是数学上的直观和启发式。