微积分网课代修|导数代写Derivatives theory代考|LT013086 Long Put plus Stock: Insurance

微积分网课代修|导数代写Derivatives theory代考|LT013086 Long Put plus Stock: Insurance

简单的说,学好微积分(数学分析)是一个毁灭自己的先天直觉然后重新塑造一个后天直觉。

转变思维永远不是简单,但是不转变,贪图一时的捷径只是饮鸩止渴罢了。高中的时候,我一个同学很背单词的时候喜欢用汉字去拼那些单词的发音,还喜欢学各种解题技巧,这个时候我和他的成绩是一样的。

国外的老师较为看重学生homework的完成情况,对于同学们来说,完成一门科目作业并获得不错的成绩是尤为重要的事情。但对于不少同学来说,在自身英语说存在局限的情况下,当数学基础较为薄弱时,微积分作业的难度一下子就提升了,很难独立完成微积分作业。Calculus-do™提供的专业微积分代写能为大家解决所有的学术困扰,我们不仅会帮大家完成作业,还提供相应的数学知识辅导课程,以此来提高同学们学习能力。

我们提供的econ代写服务范围广, 其中包括但不限于:

  • 单变量微积分
  • 多变量微积分
  • 傅里叶级数
  • 黎曼积分
  • ODE
  • 微分学
微积分网课代修|导数代写Derivatives theory代考|LT013086 Long Put plus Stock: Insurance

微积分网课代修导数代写Derivatives theory代考|Long Put plus Stock: Insurance

Options can also be used to provide insurance. For example, suppose you run a pension fund and already own stocks whose current price on 15 July (on NYSE) is $S_{0}=\$ 72$. But you are worried about a fall in price of the stocks between now and 25 October when your stocks will be sold to provide lump sum payments to pensioners. Well, you can ‘insure’ your stocks by buying an October-put option with a strike price of, say, $K=\$ 70$ (with maturity date 25 October). Note that in this example you hold two assets: the stock-XYZ and a put option (on stock-XYZ).

If stock prices in New York fall to $S_{T}=\$ 30$ on 25 October, then instead of selling your stocks in New York at $S_{T}=\$ 30$, you can exercise your October-put option in Chicago, which means delivering your stock-XYZ in Chicago and you will receive $K=\$ 70$ for each stock (from the options clearing house). By buying the put option on 15 July, you have guaranteed a minimum price of $K=\$ 70$ on 25 October at which you can sell the stocks-XYZ, held by the pension fund. The cost of this ‘insurance’ is the put premium $P=\$ 2.2$ paid on 15 July. True, the pension fund has lost $\$ 2$ per stock as the initial price of the stock was $S_{0}=\$ 72$ in July since the pension fund can only obtain $K=\$ 70$ when they deliver the stock and exercise the put option in Chicago – the $\$ 2$ is the ‘deductible’ in the put insurance contract. ${ }^{5}$ Losing $\$ 2$ per stock because you had the foresight to take out insurance by buying a put option (with $K=\$ 70$ ), is a lot better than if you had not purchased the put, since then your stocks-XYZ would have fallen in value by $\$ 42(=72-30)$ on the NYSE.

微积分网课代修导数代写Derivatives theory代考|Hidden Options

Aristotle in Book I of Politics, mentions the Greek philosopher Thales who developed a ‘financial device’ which was in fact an option. One winter he ‘read the stars’ and decided that next autumn would result in an exceptionally good olive harvest. He therefore quietly went around the owners of olive presses and paid them a small retainer (i.e. the call option premium) to secure the right to be first to use their olive presses in the autumn, for a fixed price (the strike price), if he so wished. Come autumn, the harvest was good and therefore the demand for the olive presses was high and Thales could charge a high price to the olive growers to let them use the olive presses, but Thales only paid the lower strike price to the owners of the olive presses. Even if Thales had been wrong about the harvest, the most he could have lost was the small option premium he initially paid to the owners of the olive presses.

Although some people may not be aware of it, they probably hold options. For example, consider rural bus services whose fares are often subsidised via local government taxes (e.g. sales taxes and community charges). If you live out of town, you have the option to take the bus into town by paying the known fixed fare (= strike price). You will do this if the value of your journey on that day by bus exceeds the fixed fare (strike price). Hence, if you live out of town you are holding an implicit call option and the call premium is that part of your local taxes that goes to subsidise the bus company. You may never use the bus but the option to use the bus (e.g. if your car breaks down) has a positive value to you and hence you may be willing to see the rural bus service subsidised by local taxes.

Next, suppose in January you have been offered a place at one of several universities, if you achieve a grade $B$ (or above) in your examinations in June. You will make your final decision about attending a specific university or not, in September. The (implicit) option premium you pay is the time and effort you put into studying between January and June. You have nine months to decide on your choice of ‘the best’ university for you (i.e. the time to maturity of the option), which is conditional on getting appropriate grade B or above in the June exams.

In September, if you decide to go to a university, you will have to ‘pay’ the strike price (i.e. tuition and living expenses and income foregone while attending the course). In September you will choose that university with the largest net payoff $S_{T}-K>0$ where $S_{T}$ is the (expected) present value of your additional earnings after graduating from a particular university. If $S_{T}-K>0$ then you will ‘take delivery’ of one of the university courses, so the option you have is a ‘call option’. Of course if $S_{T}<K$ then you will choose not to go to university (and instead look for a job) – that is, you will not exercise your ‘call option’, as your extra post-university earnings do not cover the costs of attending university.

微积分网课代修|导数代写Derivatives theory代考|LT013086 Long Put plus Stock: Insurance

微积分网课代修导数代写Derivatives theory代考|Long Put plus Stock: Insurance

期权也可用于提供保险。例如,假设您经营一家养老基金,并且已经拥有 7 月 15 日(纽约证券交易所)当前价格为小号0=$72. 但是您担心从现在到 10 月 25 日期间股票价格会下跌,届时您的股票将被出售以一次性支付给养老金领取者。那么,您可以通过购买执行价格为的 10 月看跌期权来“确保”您的股票ķ=$70(到期日为 10 月 25 日)。请注意,在此示例中,您持有两种资产:股票-XYZ 和看跌期权(股票-XYZ)。

如果纽约的股价跌至小号吨=$3010 月 25 日,而不是在纽约出售您的股票小号吨=$30,您可以在芝加哥行使您的 10 月看跌期权,这意味着在芝加哥交付您的股票-XYZ,您将收到ķ=$70对于每只股票(来自期权结算所)。通过在 7 月 15 日买入看跌期权,您已保证最低价格为ķ=$70在 10 月 25 日,您可以卖出养老基金持有的股票-XYZ。这种“保险”的成本是看跌期权费磷=$2.27 月 15 日付清。确实,养老基金亏了$2每只股票的初始价格为小号0=$727月起养老基金只能领取ķ=$70当他们在芝加哥交付股票并行使看跌期权时——$2是看跌保险合同中的“免赔额”。5输了$2每只股票,因为你有先见之明,通过购买看跌期权(与ķ=$70),比如果你没有购买看跌期权要好得多,因为从那时起你的股票-XYZ 的价值会下跌$42(=72−30)在纽约证券交易所。

微积分网课代修导数代写Derivatives theory代考|Hidden Options

亚里士多德在《政治学》第一卷中提到了希腊哲学家泰勒斯,他开发了一种“金融装置”,这实际上是一种选择。一个冬天,他“看星星”,并决定明年秋天的橄榄收获会非常好。因此,他悄悄地绕过橄榄榨油机的所有者并向他们支付了一小笔保留金(即看涨期权溢价),以确保在秋季以固定价格(行使价)首先使用他们的橄榄榨油机的权利,如果他如此希望。到了秋天,收成很好,因此对橄榄压榨机的需求很高,泰雷兹可以向橄榄种植者收取高价让他们使用压榨机,但泰雷兹只向橄榄所有者支付了较低的罢工价格压力机。即使泰尔斯在收成上错了,

尽管有些人可能没有意识到这一点,但他们可能拥有选择权。例如,考虑其票价通常通过地方政府税收(例如销售税和社区收费)补贴的农村公交服务。如果您住在城外,您可以选择通过支付已知的固定票价(= 行使价)乘坐公共汽车进城。如果您当天乘坐巴士的旅程价值超过固定票价(执行价格),您将执行此操作。因此,如果您住在城外,您就持有隐性看涨期权,而看涨期权是您当地税收的一部分,用于补贴巴士公司。您可能永远不会使用公共汽车,但选择使用公共汽车(例如,如果您的汽车抛锚)对您有积极的价值,因此您可能愿意看到由地方税收补贴的农村公共汽车服务。

接下来,假设在 1 月份,如果你取得了成绩,你在几所大学中的一所获得了一个位置乙(或以上)在六月的考试中。您将在 9 月做出是否参加特定大学的最终决定。您支付的(隐含的)期权费是您在一月至六月之间投入学习的时间和精力。你有九个月的时间来决定你选择的“最好的”大学(即选择成熟的时间),这取决于在六月考试中获得适当的B级或以上成绩。

九月,如果你决定去上大学,你将不得不“支付”罢工价格(即学费和生活费以及参加课程时放弃的收入)。九月你会选择净收益最大的大学小号吨−ķ>0在哪里小号吨是您从特定大学毕业后额外收入的(预期)现值。如果小号吨−ķ>0那么您将“接受”其中一门大学课程,因此您的选择是“看涨期权”。当然,如果小号吨<ķ那么你将选择不上大学(而是找工作)——也就是说,你不会行使你的“看涨期权”,因为你的大学后额外收入不包括上大学的费用。

微积分网课代修|导数代写Derivatives theory代考|LT013086 Long Put plus Stock: Insurance
微积分网课代修导数代写Derivatives theory代考

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