A definitive answer cannot be found in NassimTaleb's book, Black Swan, which formalized the notion
of Black Swans; it certainly cannot be found in the myriads of those pseudo-scientific research papers, written by ex-traders and market
experts masquerading as mathematicians,
Does probability - the concept that we learnt in high school and which we, more or less, use every day to describe events in our lives - behave like water or fluid? Just as water flows from a region of higher elevation to a region of lower elevation, does probability also display similar flow?
The history of Quantitative Finance is essentially a history of the conquest of "Volatility". The
story is about how a few exceptionally talented men across both sides of the Atlantic grappled with the concept of volatility and
ultimately tamed it.
Just like physics, without calculus there would be no quantitative finance. Calculus enters quantitative finance due to the philosophical, as well as the mathematical world view that is known as continuous time finance.