What would be the cost of a European put with a maturity at the end of last period and a strike price of $132?你的过程我已明白,但是这个cost是指期初价格?不太明白,期初价格取决于各时点预期收益最大值这句话.无风

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What would be the cost of a European put with a maturity at the end of last period and a strike price of $132?你的过程我已明白,但是这个cost是指期初价格?不太明白,期初价格取决于各时点预期收益最大值这句话.无风

What would be the cost of a European put with a maturity at the end of last period and a strike price of $132?你的过程我已明白,但是这个cost是指期初价格?不太明白,期初价格取决于各时点预期收益最大值这句话.无风
What would be the cost of a European put with a maturity at the end of last period and a strike price of $132?
你的过程我已明白,但是这个cost是指期初价格?不太明白,期初价格取决于各时点预期收益最大值这句话.
无风险收益率是0,这句话的含义是什么?

What would be the cost of a European put with a maturity at the end of last period and a strike price of $132?你的过程我已明白,但是这个cost是指期初价格?不太明白,期初价格取决于各时点预期收益最大值这句话.无风
1、cost：成本；费用；价格.这里就是价格的意思.而且是期初价格,否则如果是求各个时间段的价格话就太复杂了,那得求1+2+4＝7个结果,而且是欧式和美式各7个.我想出题人不会这么无聊的.
2、因为美式期权可以在任何时间行权并卖出股票,所以期权期初价格取决于各时点预期收益最大值,就是说哪个时点卖出股票所赚预期收益最大,期初期权价格就与该时点的预期收益相等.
我们可以算出三个时间段的期末股票价格的概率分布,从而可以计算出在每个时间段期末卖出股票的预期收入.经过计算,第一阶段期末卖出股票可以赚11元（不考虑期权成本）,第二阶段期末卖出赚9元,第三阶段末卖出能赚39/4.所以预期在第一阶段末行权卖出股票是最合算的,预期收益11元,那么期权的公平价格也就应该是11元.
而欧式期权只能在到期日（本题为最后一期期末）行权,所以期权价格只取决于期末行权卖出股票的预期收益.
3、因为“a cash bond”,“interest rates are zero”,所以,无风险收益率是0,货币的时间价值可以看做是0,即不必考虑货币的时间价值,否则计算会复杂一些.比如每一时间段的无风险收益是r,则对于欧式期权价格,得求期末值（39/4）的现值：39/4/〔（1+r）^3〕；对于美式期权,也不能直接拿三个阶段末的期望收益做比较,而是要分别求现值后再进行比较,结果就应该是11/（1+r）.
无风险收益率定义你可以自己去查一下.简单来说就是一点风险都没有,稳稳当当可以拿到的收益率,而通常高风险伴随着高收益,因此一般来说,做任何投资所要求的回报率都不会低于无风险收益率,否则没有必要去冒险了. －－－教科书都是这样说的,但是实际上有一个大前提,那就是,人们都是“风险厌恶”的.事实上,并非都是如此,比如彩票就是高风险、低收益,甚至是负收益（预期收益率<-50％）,照样有人买.

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