In financial mathematics, the Hull–White model is a model of future interest rates. In its most generic formulation, it belongs to the class of no-arbitrage models that are able to fit today's term structure of interest rates. It is relatively straightforward to translate the mathematical description of the evolution of future interest rates onto a tree or lattice and so interest rate derivatives such as bermudan swaptions can be valued in the model.
The first Hull–White model was described by John C. Hull and Alan White in 1990. The model is still popular in the market today.
来源：Hull的《期权期货与其他衍生品》
Hull-White三叉树实现分为两阶段
第一阶段：
实现初步树
Hull期权期货结果：
[InitialTree,ProTree,IdTree,DisplayMatrix]=HullWhiteTree_First(3,3,0.01,0.1)(deltaT=1年)
Hull书籍结果(deltaT=1年)
：
Matlab结果(deltaT=1年)：
另外一个例子(deltaT=半年)：
[InitialTree,ProTree,IdTree,DisplayMatrix]=HullWhiteTree_First(3,6,0.01,0.1)
第二阶段：
第二阶段 依据第一阶段 构建的初始树与当前的利率期限结构建模：
具体实现：
Hull书籍例子：
[FirstTree,SecondTree,~,QTree]=HullWhiteTree_Second(3,3,0.01,0.1,[3.824/100 4.512/100 5.086/100])结果可见SecondTree(第二阶段利率树)：
[FirstTree,SecondTree,~,QTree]=HullWhiteTree_Second(3,6,0.01,0.1,[0.0343 0.03824 0.04183 4.512/100 0.04812 5.086/100])
[FirstTree,SecondTree,~,QTree]=HullWhiteTree_Second(4,8,0.01,0.1,[0.03 0.0343 ...
0.03824 0.04183 4.512/100 0.04812 5.086/100 0.056])
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