耶鲁RobertShiller金融市场Lect21OptionsMarkets学习课件.pptVIP

Lecture 21: Options Markets Options With options, one pays money to have a choice in the future Essence of options is not that I buy the ability to vacillate, or to exercise free will. The choice one makes actually depends only on the underlying asset price Options are truncated claims on assets Options Exchanges Options are as old as civilization. Option to buy a piece of land in the city Chicago Board Options Exchange, a spinoff from the Chicago Board of Trade 1973, traded first standardized options American Stock Exchange 1974, NYSE 1982 Terms of Options Contract Exercise date Exercise pric