Chen published a paper in 2001, where he presents a quantum binomial options pricing model or simply abbreviated as the quantum binomial model. Metaphorically speaking, Chen's quantum binomial options pricing model (referred to hereafter as the quantum binomial model) is to existing quantum finance models what the Cox–Ross–Rubinstein classical binomial options pricing model was to the Black–Scholes–Merton model: a discretized and simpler version of the same result. These simplifications make the respective theories not only easier to analyze but also easier to implement on a computer.