Before revision:  Thus with a single formula we are able to capture prices for derivatives depending on either an asset or its volatility , but also joint payoffs are allowed , like the target volatility option (TVO) , which shall be discussed.
After revision:  Thus with a single formula we are able to capture prices for derivatives depending on either an asset or its volatility , but also to more sophisticated derivatives that pay-off on the joint performance of these two financial variables , like the target volatility option (TVO) , which shall be discussed.