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“Local Volatility” is a quantitative finance category focused on the derivatives pricing framework in which an asset’s instantaneous volatility is a deterministic function of price and time, calibrated to the market’s implied volatility surface. Books in this category cover the theory (e.g., Dupire’s equation, Derman–Kani trees), construction and smoothing of implied volatility surfaces, calibration and regularization techniques, and numerical methods such as PDE/finite differences, Monte Carlo, and tree approaches. They examine hedging and risk management under local vol versus Black–Scholes and stochastic volatility models, discuss practical implementation (data issues, code examples in common languages), and offer case studies across equities, FX, and rates. Many titles also address model risk, stability, and robustness, and compare local volatility with stochastic or hybrid models used in practice.

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