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Explain the reasons of Quants to like, close form solution

Explain the reasons of Quants to like, close form solution?

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There are different pressures on a quant while it comes to selecting a model.

• Robust: minute changes in the random process for the underlying don’t issues too much

• Fast: The greeks and prices have to be quick to calculate for several reasons, therefore the trade gets done and you do not lose out to a competitor, and therefore positions can be managed within real time as just one little part of a large portfolio

• Accurate: For a scientific sense the prices ought to be excellent, possibly matching historical data; it is different from robust, obviously

• Easy to calibrate: banks have models which match traded prices of easy contracts.

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