Before revision:  The proposed approach is applied to price not only simple European claims such as defaultable bonds, but also a new type of path-dependent claims that we term self-decomposable  as well as the important class of vulnerable call and put options on a stock.
After revision:  The proposed approach is applied to price not only simple European claims such as defaultable bonds, but also a new type of path-dependent claims that we term self-decomposable , as well as the important class of vulnerable call and put options on a stock.