Who explain short-term interest rate by a stochasti

Who illustrated short-term interest rate through a stochastic differential equation?

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Oldrich Vasicek illustrated the short-term interest rate through a stochastic differential equation of the form:

dr = µ(r, t) dt + σ(r, t) dX.

The bond pricing equation is a parabolic partial differential equation, same to the Black–Scholes equation.

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