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Related concepts (19)

Continuous distillation

Continuous distillation, a form of distillation, is an ongoing separation in which a mixture is continuously (without interruption) fed into the process and separated fractions are removed continuously as output streams. Distillation is the separation or partial separation of a liquid feed mixture into components or fractions by selective boiling (or evaporation) and condensation. The process produces at least two output fractions.

Distillation

Distillation, or classical distillation, is the process of separating the components or substances from a liquid mixture by using selective boiling and condensation, usually inside an apparatus known as a still. Dry distillation is the heating of solid materials to produce gaseous products (which may condense into liquids or solids); this may involve chemical changes such as destructive distillation or cracking.

Fractionating column

A fractionating column or fractional column is equipment used in the distillation of liquid mixtures to separate the mixture into its component parts, or fractions, based on the differences in volatilities. Fractionating columns are used in small-scale laboratory distillations as well as large-scale industrial distillations. A laboratory fractionating column is a piece of glassware used to separate vaporized mixtures of liquid compounds with close volatility.

Volatility smile

Volatility smiles are implied volatility patterns that arise in pricing financial options. It is a parameter (implied volatility) that is needed to be modified for the Black–Scholes formula to fit market prices. In particular for a given expiration, options whose strike price differs substantially from the underlying asset's price command higher prices (and thus implied volatilities) than what is suggested by standard option pricing models. These options are said to be either deep in-the-money or out-of-the-money.

Implied volatility

In financial mathematics, the implied volatility (IV) of an option contract is that value of the volatility of the underlying instrument which, when input in an option pricing model (such as Black–Scholes), will return a theoretical value equal to the current market price of said option. A non-option financial instrument that has embedded optionality, such as an interest rate cap, can also have an implied volatility. Implied volatility, a forward-looking and subjective measure, differs from historical volatility because the latter is calculated from known past returns of a security.

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Distillation Processes: Energy and Mass Balances

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Designing Distillation Columns: Key Components and Techniques

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Multicomponent Distillation: Principles and Applications

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