金融經(jīng)濟學(xué)第八講-文庫吧
2025-09-15 16:00 本頁面
【正文】 situation cannot enlarge the space of markets as it did in the case just examined. The motivation given for introducing options is then based only on economizing transactions costs. ? 因此，在這樣的情況下引入期權(quán)不可能如剛才所考察的那樣來擴大市場的空間。引入期權(quán)的動機從而僅僅是基于節(jié)約交易費用。 《金融經(jīng)濟學(xué)》第八講 31 論 一般經(jīng)濟均衡與期權(quán)定價理論 ? The option can achieve directly a result that would require multiple transaction in spot and futures markets. ? 期權(quán)可能直接達(dá)到一個在現(xiàn)貨和期貨市場上要求多次交易的結(jié)果。 《金融經(jīng)濟學(xué)》第八講 32 論 一般經(jīng)濟均衡與期權(quán)定價理論 ? Since the asset prices prior to the introduction of options generate ArrowDebreu prices, it is not surprising that we can derive formulae for evaluating options as a function of the rate of interest and the price of a fundamental asset (the formula of CoxRossRubinstein in discrete time, and of Black and Scholes in continuous time。 see Cox and Rubinstein 1985). 《金融經(jīng)濟學(xué)》第八講 33 論 一般經(jīng)濟均衡與期權(quán)定價理論 ? 由于在引進(jìn)期權(quán)以前的資產(chǎn)價格生成 ArrowDebreu 價格，我們把期權(quán)估值作為利率和基本資產(chǎn)的價格的函數(shù)來導(dǎo)出公式 (在離散時間時的 CoxRossRubinstein 公式，在連續(xù)時間時的 BlackSholes 公式；見 Cox and Rubinstein 1985)，就不會使人感到驚奇。 《金融經(jīng)濟學(xué)》第八講 34 BlackScholes 理論的意義 ? The model offers a methodology to predict the seemingly unpredictable by using the l
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