Definition of Lattice model:
Structure of particles interconnected in linear branches formed by the results of mathematical differential equations. These structures may be two and three-dimensional and appear to be moving in a wave pattern. The model is used in scientific experiments in different fields and industries. In finance it is used to map all the probable values of a stock option from the present day to the date of its expiration and allows for the calculation of its fair market value.
Meaning of Lattice model & Lattice model Definition