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Search, Evaluate, and Read Evidence","\u002Fen\u002Facademic-writing\u002F02-reading-and-literature-matrix","en\u002Facademic-writing\u002F02-reading-and-literature-matrix",{"title":27,"path":28,"stem":29},"3. From Sources to Synthesis and Argument","\u002Fen\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs","en\u002Facademic-writing\u002F03-arguments-outlines-and-paragraphs",{"title":31,"path":32,"stem":33},"4. Literature Review and a Defensible Gap","\u002Fen\u002Facademic-writing\u002F04-writing-the-literature-review","en\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":35,"path":36,"stem":37},"5. Research Design, Evidence, and Core Sections","\u002Fen\u002Facademic-writing\u002F05-core-sections-and-evidence","en\u002Facademic-writing\u002F05-core-sections-and-evidence",{"title":39,"path":40,"stem":41},"6. Citation, Paraphrasing, Integrity, and AI","\u002Fen\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity","en\u002Facademic-writing\u002F06-citation-paraphrasing-and-integrity",{"title":43,"path":44,"stem":45},"7. Revision, Review, and Submission","\u002Fen\u002Facademic-writing\u002F07-revision-style-and-submission","en\u002Facademic-writing\u002F07-revision-style-and-submission",{"title":47,"path":48,"stem":49},"8. Research Workbook","\u002Fen\u002Facademic-writing\u002F08-literature-review-checklist-and-template","en\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":51,"path":52,"stem":53},"9. Research Workflow and Tools","\u002Fen\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management","en\u002Facademic-writing\u002F09-tools-for-academic-writing-and-literature-management",{"title":55,"path":56,"stem":57},"10. Worked Project — From Question to Defensible Conclusion","\u002Fen\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain","en\u002Facademic-writing\u002F10-worked-example-from-block-structure-to-question-chain",{"title":59,"path":60,"stem":61,"children":62,"page":249},"Accounting","\u002Fen\u002Faccounting","en\u002Faccounting",[63,69,87,93,193],{"title":64,"path":65,"stem":66,"children":67},"Accounting — From Evidence to Decisions","\u002Fen\u002Faccounting\u002F00-index","en\u002Faccounting\u002F00-index",[68],{"title":64,"path":65,"stem":66},{"title":70,"path":71,"stem":72,"children":73},"Accounting Appendix","\u002Fen\u002Faccounting\u002Fappendix","en\u002Faccounting\u002Fappendix\u002Findex",[74,75,79,83],{"title":70,"path":71,"stem":72},{"title":76,"path":77,"stem":78},"Worked Examples and Error Diagnosis","\u002Fen\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls","en\u002Faccounting\u002Fappendix\u002F24-examples-pitfalls",{"title":80,"path":81,"stem":82},"Accounting Glossary","\u002Fen\u002Faccounting\u002Fappendix\u002F26-glossary","en\u002Faccounting\u002Fappendix\u002F26-glossary",{"title":84,"path":85,"stem":86},"Reading and Evidence Map","\u002Fen\u002Faccounting\u002Fappendix\u002F27-reading-map","en\u002Faccounting\u002Fappendix\u002F27-reading-map",{"title":88,"path":89,"stem":90,"children":91},"Northstar Record-to-Decision Capstone","\u002Fen\u002Faccounting\u002Fcapstone","en\u002Faccounting\u002Fcapstone\u002Findex",[92],{"title":88,"path":89,"stem":90},{"title":94,"path":95,"stem":96,"children":97},"Financial Accounting","\u002Fen\u002Faccounting\u002Ffinancial-accounting","en\u002Faccounting\u002Ffinancial-accounting\u002Findex",[98,99,117,131,165,179],{"title":94,"path":95,"stem":96},{"title":100,"path":101,"stem":102,"children":103},"1. Foundations","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002Findex",[104,105,109,113],{"title":100,"path":101,"stem":102},{"title":106,"path":107,"stem":108},"Objectives and Qualitative Characteristics","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F01-objectives-qualitative-characteristics",{"title":110,"path":111,"stem":112},"Equation and Elements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F02-equation-elements",{"title":114,"path":115,"stem":116},"Accrual Basis, Estimates and Periods","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles","en\u002Faccounting\u002Ffinancial-accounting\u002F01-foundations\u002F03-accounting-bases-principles",{"title":118,"path":119,"stem":120,"children":121},"2. Recording Transactions","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002Findex",[122,123,127],{"title":118,"path":119,"stem":120},{"title":124,"path":125,"stem":126},"Double-Entry and Debit\u002FCredit","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F04-double-entry-dr-cr",{"title":128,"path":129,"stem":130},"Accounting Cycle","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle","en\u002Faccounting\u002Ffinancial-accounting\u002F02-recording-transactions\u002F05-accounting-cycle",{"title":132,"path":133,"stem":134,"children":135},"3. Measurement and Adjustments","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002Findex",[136,137,141,145,149,153,157,161],{"title":132,"path":133,"stem":134},{"title":138,"path":139,"stem":140},"Revenue Recognition","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F07-revenue-recognition",{"title":142,"path":143,"stem":144},"Inventory","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F08-inventory",{"title":146,"path":147,"stem":148},"Receivables and Expected Credit Losses","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F09-receivables",{"title":150,"path":151,"stem":152},"Property, Plant and Equipment","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F10-ppe",{"title":154,"path":155,"stem":156},"Intangible Assets","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F11-intangibles",{"title":158,"path":159,"stem":160},"Leases","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F12-leases",{"title":162,"path":163,"stem":164},"Current and Deferred Income Tax","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax","en\u002Faccounting\u002Ffinancial-accounting\u002F03-measurement-adjustments\u002F13-income-tax",{"title":166,"path":167,"stem":168,"children":169},"4. Reporting and Cash","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002Findex",[170,171,175],{"title":166,"path":167,"stem":168},{"title":172,"path":173,"stem":174},"Linked Financial Statements","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F06-financial-statements",{"title":176,"path":177,"stem":178},"Cash, Reconciliation and Internal Control","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control","en\u002Faccounting\u002Ffinancial-accounting\u002F04-reporting-cash\u002F14-cash-control",{"title":180,"path":181,"stem":182,"children":183},"5. Analysis and Comparison","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002Findex",[184,185,189],{"title":180,"path":181,"stem":182},{"title":186,"path":187,"stem":188},"Ratio Analysis","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F15-ratio-analysis",{"title":190,"path":191,"stem":192},"IFRS versus US GAAP","\u002Fen\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap","en\u002Faccounting\u002Ffinancial-accounting\u002F05-analysis-comparison\u002F25-ifrs-gaap",{"title":194,"path":195,"stem":196,"children":197},"Management Accounting","\u002Fen\u002Faccounting\u002Fmanagement-accounting","en\u002Faccounting\u002Fmanagement-accounting\u002Findex",[198,199,217,235],{"title":194,"path":195,"stem":196},{"title":200,"path":201,"stem":202,"children":203},"1. Cost Foundations","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002Findex",[204,205,209,213],{"title":200,"path":201,"stem":202},{"title":206,"path":207,"stem":208},"Cost Concepts and Behaviour","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F16-cost-concepts",{"title":210,"path":211,"stem":212},"Costing Systems","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F17-costing-systems",{"title":214,"path":215,"stem":216},"Variable and Absorption Costing","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption","en\u002Faccounting\u002Fmanagement-accounting\u002F01-cost-foundations\u002F19-variable-vs-absorption",{"title":218,"path":219,"stem":220,"children":221},"2. Planning and Control","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002Findex",[222,223,227,231],{"title":218,"path":219,"stem":220},{"title":224,"path":225,"stem":226},"Cost–Volume–Profit Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F18-cvp-analysis",{"title":228,"path":229,"stem":230},"Budgeting and Variance Analysis","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F20-budgeting-variances",{"title":232,"path":233,"stem":234},"Performance Measurement","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement","en\u002Faccounting\u002Fmanagement-accounting\u002F02-planning-control\u002F21-performance-measurement",{"title":236,"path":237,"stem":238,"children":239},"3. Decisions and Investment","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002Findex",[240,241,245],{"title":236,"path":237,"stem":238},{"title":242,"path":243,"stem":244},"Short-Term Decisions","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F22-short-term-decisions",{"title":246,"path":247,"stem":248},"Capital Budgeting","\u002Fen\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting","en\u002Faccounting\u002Fmanagement-accounting\u002F03-decisions-investment\u002F23-capital-budgeting",false,{"title":251,"path":252,"stem":253,"children":254,"page":249},"Business Analytics","\u002Fen\u002Fbusiness-analytics","en\u002Fbusiness-analytics",[255,261,279,305,335,365,383,400],{"title":256,"path":257,"stem":258,"children":259},"Business Analytics — From Data to Defensible Action","\u002Fen\u002Fbusiness-analytics\u002F00-index","en\u002Fbusiness-analytics\u002F00-index",[260],{"title":256,"path":257,"stem":258},{"title":262,"path":263,"stem":264,"children":265},"0. Decision and Data Foundations","\u002Fen\u002Fbusiness-analytics\u002F00-intro","en\u002Fbusiness-analytics\u002F00-intro\u002Findex",[266,267,271,275],{"title":262,"path":263,"stem":264},{"title":268,"path":269,"stem":270},"Decision Framing","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing","en\u002Fbusiness-analytics\u002F00-intro\u002F01-decision-framing",{"title":272,"path":273,"stem":274},"Data Contracts","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts","en\u002Fbusiness-analytics\u002F00-intro\u002F02-data-contracts",{"title":276,"path":277,"stem":278},"Reproducible Analytics Workflow","\u002Fen\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow","en\u002Fbusiness-analytics\u002F00-intro\u002F03-reproducible-workflow",{"title":280,"path":281,"stem":282,"children":283},"1. Descriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive","en\u002Fbusiness-analytics\u002F01-descriptive\u002Findex",[284,285,289,293,297,301],{"title":280,"path":281,"stem":282},{"title":286,"path":287,"stem":288},"Distributions and Exploratory Data Analysis","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda","en\u002Fbusiness-analytics\u002F01-descriptive\u002F04-distributions-eda",{"title":290,"path":291,"stem":292},"KPIs and Denominators","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators","en\u002Fbusiness-analytics\u002F01-descriptive\u002F05-kpis-denominators",{"title":294,"path":295,"stem":296},"Segments, Cohorts and Funnels","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels","en\u002Fbusiness-analytics\u002F01-descriptive\u002F06-segmentation-cohorts-funnels",{"title":298,"path":299,"stem":300},"Visual Evidence and Data Stories","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story","en\u002Fbusiness-analytics\u002F01-descriptive\u002F07-visualisation-story",{"title":302,"path":303,"stem":304},"Experiments and Causal Boundaries","\u002Fen\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary","en\u002Fbusiness-analytics\u002F01-descriptive\u002F08-experiments-causal-boundary",{"title":306,"path":307,"stem":308,"children":309},"2. Predictive Analytics","\u002Fen\u002Fbusiness-analytics\u002F02-predictive","en\u002Fbusiness-analytics\u002F02-predictive\u002Findex",[310,311,315,319,323,327,331],{"title":306,"path":307,"stem":308},{"title":312,"path":313,"stem":314},"Validation, Baselines and Leakage","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage","en\u002Fbusiness-analytics\u002F02-predictive\u002F09-validation-leakage",{"title":316,"path":317,"stem":318},"Regression and Forecasting","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting","en\u002Fbusiness-analytics\u002F02-predictive\u002F10-regression-forecasting",{"title":320,"path":321,"stem":322},"Classification and Calibration","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration","en\u002Fbusiness-analytics\u002F02-predictive\u002F11-classification-calibration",{"title":324,"path":325,"stem":326},"Trees and Ensembles","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles","en\u002Fbusiness-analytics\u002F02-predictive\u002F12-trees-ensembles",{"title":328,"path":329,"stem":330},"Decision Metrics and Thresholds","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds","en\u002Fbusiness-analytics\u002F02-predictive\u002F13-decision-metrics-thresholds",{"title":332,"path":333,"stem":334},"Explainability, Monitoring and Drift","\u002Fen\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift","en\u002Fbusiness-analytics\u002F02-predictive\u002F14-explainability-drift",{"title":336,"path":337,"stem":338,"children":339},"3. Prescriptive Analytics","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive","en\u002Fbusiness-analytics\u002F03-prescriptive\u002Findex",[340,341,345,349,353,357,361],{"title":336,"path":337,"stem":338},{"title":342,"path":343,"stem":344},"Decision-Making under Uncertainty","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F15-decision-uncertainty",{"title":346,"path":347,"stem":348},"Linear Optimisation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F16-linear-optimization",{"title":350,"path":351,"stem":352},"Inventory and Allocation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F17-inventory-allocation",{"title":354,"path":355,"stem":356},"Queueing and Simulation","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F18-queueing-simulation",{"title":358,"path":359,"stem":360},"Pricing and Revenue Management","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F19-pricing-experimentation",{"title":362,"path":363,"stem":364},"Causal Targeting and Policy Learning","\u002Fen\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting","en\u002Fbusiness-analytics\u002F03-prescriptive\u002F20-causal-targeting",{"title":366,"path":367,"stem":368,"children":369},"4. Deployment and Governance","\u002Fen\u002Fbusiness-analytics\u002F04-deployment","en\u002Fbusiness-analytics\u002F04-deployment\u002Findex",[370,371,375,379],{"title":366,"path":367,"stem":368},{"title":372,"path":373,"stem":374},"Data Products and Monitoring","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring","en\u002Fbusiness-analytics\u002F04-deployment\u002F21-data-products-monitoring",{"title":376,"path":377,"stem":378},"Governance, Fairness and Privacy","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy","en\u002Fbusiness-analytics\u002F04-deployment\u002F22-governance-fairness-privacy",{"title":380,"path":381,"stem":382},"Adoption and Business Value","\u002Fen\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value","en\u002Fbusiness-analytics\u002F04-deployment\u002F23-adoption-value",{"title":384,"path":385,"stem":386,"children":387},"Appendix and Revision Tools","\u002Fen\u002Fbusiness-analytics\u002Fappendix","en\u002Fbusiness-analytics\u002Fappendix\u002Findex",[388,389,393,397],{"title":384,"path":385,"stem":386},{"title":390,"path":391,"stem":392},"Formula and Decision Map","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map","en\u002Fbusiness-analytics\u002Fappendix\u002F24-formula-map",{"title":394,"path":395,"stem":396},"Worked Examples and Pitfalls","\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls","en\u002Fbusiness-analytics\u002Fappendix\u002F25-worked-examples-pitfalls",{"title":84,"path":398,"stem":399},"\u002Fen\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map","en\u002Fbusiness-analytics\u002Fappendix\u002F26-reading-map",{"title":401,"path":402,"stem":403,"children":404},"Capstone — The Evening Delivery Promise","\u002Fen\u002Fbusiness-analytics\u002Fcapstone","en\u002Fbusiness-analytics\u002Fcapstone\u002Findex",[405],{"title":401,"path":402,"stem":403},{"title":407,"path":408,"stem":409,"children":410,"page":249},"Financial Economic Time Series","\u002Fen\u002Ffinancial-economic-time-series","en\u002Ffinancial-economic-time-series",[411,417,423,429,435,441,447,453,459,465,471],{"title":412,"path":413,"stem":414,"children":415},"Financial and Economic Time Series — Course Guide","\u002Fen\u002Ffinancial-economic-time-series\u002F00-intro","en\u002Ffinancial-economic-time-series\u002F00-intro\u002Findex",[416],{"title":412,"path":413,"stem":414},{"title":418,"path":419,"stem":420,"children":421},"Three Versions of Time Series","\u002Fen\u002Ffinancial-economic-time-series\u002F01-bridge","en\u002Ffinancial-economic-time-series\u002F01-bridge\u002Findex",[422],{"title":418,"path":419,"stem":420},{"title":424,"path":425,"stem":426,"children":427},"Data, Clocks, and Transformations","\u002Fen\u002Ffinancial-economic-time-series\u002F02-data-transformations","en\u002Ffinancial-economic-time-series\u002F02-data-transformations\u002Findex",[428],{"title":424,"path":425,"stem":426},{"title":430,"path":431,"stem":432,"children":433},"Predictive Regressions and Persistent Predictors","\u002Fen\u002Ffinancial-economic-time-series\u002F03-predictive-regressions","en\u002Ffinancial-economic-time-series\u002F03-predictive-regressions\u002Findex",[434],{"title":430,"path":431,"stem":432},{"title":436,"path":437,"stem":438,"children":439},"Volatility, Tails, and Financial Risk","\u002Fen\u002Ffinancial-economic-time-series\u002F04-volatility-risk","en\u002Ffinancial-economic-time-series\u002F04-volatility-risk\u002Findex",[440],{"title":436,"path":437,"stem":438},{"title":442,"path":443,"stem":444,"children":445},"Unit Roots, Cointegration, and Error Correction","\u002Fen\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration","en\u002Ffinancial-economic-time-series\u002F05-unit-roots-cointegration\u002Findex",[446],{"title":442,"path":443,"stem":444},{"title":448,"path":449,"stem":450,"children":451},"VAR, Structural Identification, and Local Projections","\u002Fen\u002Ffinancial-economic-time-series\u002F06-var-identification","en\u002Ffinancial-economic-time-series\u002F06-var-identification\u002Findex",[452],{"title":448,"path":449,"stem":450},{"title":454,"path":455,"stem":456,"children":457},"State Space, Mixed Frequency, and Nowcasting","\u002Fen\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting","en\u002Ffinancial-economic-time-series\u002F07-state-space-nowcasting\u002Findex",[458],{"title":454,"path":455,"stem":456},{"title":460,"path":461,"stem":462,"children":463},"Forecast Evaluation for Decisions","\u002Fen\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation","en\u002Ffinancial-economic-time-series\u002F08-forecast-evaluation\u002Findex",[464],{"title":460,"path":461,"stem":462},{"title":466,"path":467,"stem":468,"children":469},"Integrated R Laboratory","\u002Fen\u002Ffinancial-economic-time-series\u002F09-r-laboratory","en\u002Ffinancial-economic-time-series\u002F09-r-laboratory\u002Findex",[470],{"title":466,"path":467,"stem":468},{"title":472,"path":473,"stem":474,"children":475},"Capstones, Data, and Reading Ladder","\u002Fen\u002Ffinancial-economic-time-series\u002F10-capstone-readings","en\u002Ffinancial-economic-time-series\u002F10-capstone-readings\u002Findex",[476],{"title":472,"path":473,"stem":474},{"title":478,"path":479,"stem":480,"children":481,"page":249},"Intro To Economics","\u002Fen\u002Fintro-to-economics","en\u002Fintro-to-economics",[482,486,490,494,498,502,506,510,514,518,522,526,530],{"title":483,"path":484,"stem":485},"Introduction to Economics — Decisions, Markets, and the Macroeconomy","\u002Fen\u002Fintro-to-economics\u002F00-intro","en\u002Fintro-to-economics\u002F00-intro",{"title":487,"path":488,"stem":489},"Chapter 1 — Choice, Opportunity Cost, and Trade","\u002Fen\u002Fintro-to-economics\u002F01-foundations","en\u002Fintro-to-economics\u002F01-foundations",{"title":491,"path":492,"stem":493},"Chapter 2 — Demand, Supply, Equilibrium, and Welfare","\u002Fen\u002Fintro-to-economics\u002F02-demand-and-supply","en\u002Fintro-to-economics\u002F02-demand-and-supply",{"title":495,"path":496,"stem":497},"Chapter 3 — Elasticity, Revenue, and Tax Incidence","\u002Fen\u002Fintro-to-economics\u002F03-elasticity","en\u002Fintro-to-economics\u002F03-elasticity",{"title":499,"path":500,"stem":501},"Chapter 4 — Firms, Market Power, and Market Failure","\u002Fen\u002Fintro-to-economics\u002F04-market-structures","en\u002Fintro-to-economics\u002F04-market-structures",{"title":503,"path":504,"stem":505},"Chapter 5 — GDP, Income, Wealth, and Welfare","\u002Fen\u002Fintro-to-economics\u002F05-gdp-and-wealth","en\u002Fintro-to-economics\u002F05-gdp-and-wealth",{"title":507,"path":508,"stem":509},"Chapter 6 — Inflation, Purchasing Power, and Labour Markets","\u002Fen\u002Fintro-to-economics\u002F06-inflation-and-unemployment","en\u002Fintro-to-economics\u002F06-inflation-and-unemployment",{"title":511,"path":512,"stem":513},"Chapter 7 — Productivity, Technology, and Economic Growth","\u002Fen\u002Fintro-to-economics\u002F07-economic-growth","en\u002Fintro-to-economics\u002F07-economic-growth",{"title":515,"path":516,"stem":517},"Chapter 8 — Money, Credit, and Banking","\u002Fen\u002Fintro-to-economics\u002F08-money-and-banking","en\u002Fintro-to-economics\u002F08-money-and-banking",{"title":519,"path":520,"stem":521},"Chapter 9 — Business Cycles, AD–AS, and Monetary Policy","\u002Fen\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as","en\u002Fintro-to-economics\u002F09-monetary-policy-and-ad-as",{"title":523,"path":524,"stem":525},"Chapter 10 — Fiscal Policy, Distribution, and Public Debt","\u002Fen\u002Fintro-to-economics\u002F10-fiscal-policy","en\u002Fintro-to-economics\u002F10-fiscal-policy",{"title":527,"path":528,"stem":529},"Chapter 11 — Trade, Capital Flows, and Exchange Rates","\u002Fen\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates","en\u002Fintro-to-economics\u002F11-open-economy-and-exchange-rates",{"title":531,"path":532,"stem":533},"Chapter 12 — Integrated Economic Analysis Studio","\u002Fen\u002Fintro-to-economics\u002F12-review-and-case-studies","en\u002Fintro-to-economics\u002F12-review-and-case-studies",{"title":535,"path":536,"stem":537,"children":538,"page":249},"Microeconometrics","\u002Fen\u002Fmicroeconometrics","en\u002Fmicroeconometrics",[539,557,563,581,603,629,651,673,691,709],{"title":540,"path":541,"stem":542,"children":543},"0. Causal Questions and Designs","\u002Fen\u002Fmicroeconometrics\u002F00-foundations","en\u002Fmicroeconometrics\u002F00-foundations\u002Findex",[544,545,549,553],{"title":540,"path":541,"stem":542},{"title":546,"path":547,"stem":548},"Causal Questions and Estimands","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands","en\u002Fmicroeconometrics\u002F00-foundations\u002F01-causal-question-estimands",{"title":550,"path":551,"stem":552},"Potential Outcomes and Experiments","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments","en\u002Fmicroeconometrics\u002F00-foundations\u002F02-potential-outcomes-experiments",{"title":554,"path":555,"stem":556},"Causal Diagrams and Controls","\u002Fen\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls","en\u002Fmicroeconometrics\u002F00-foundations\u002F03-dags-controls",{"title":558,"path":559,"stem":560,"children":561},"Microeconometrics — Designing Credible Counterfactuals","\u002Fen\u002Fmicroeconometrics\u002F00-index","en\u002Fmicroeconometrics\u002F00-index",[562],{"title":558,"path":559,"stem":560},{"title":564,"path":565,"stem":566,"children":567},"1. Regression and Inference","\u002Fen\u002Fmicroeconometrics\u002F01-regression","en\u002Fmicroeconometrics\u002F01-regression\u002Findex",[568,569,573,577],{"title":564,"path":565,"stem":566},{"title":570,"path":571,"stem":572},"OLS as a Projection","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection","en\u002Fmicroeconometrics\u002F01-regression\u002F04-ols-projection",{"title":574,"path":575,"stem":576},"FWL, Selection and Controls","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls","en\u002Fmicroeconometrics\u002F01-regression\u002F05-fwl-selection-controls",{"title":578,"path":579,"stem":580},"Inference and Clustering","\u002Fen\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering","en\u002Fmicroeconometrics\u002F01-regression\u002F06-inference-clustering",{"title":582,"path":583,"stem":584,"children":585},"2. Instruments and Panel Data","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002Findex",[586,587,591,595,599],{"title":582,"path":583,"stem":584},{"title":588,"path":589,"stem":590},"Instrumental Variables","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F07-iv-identification",{"title":592,"path":593,"stem":594},"Weak Instruments and LATE","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F08-weak-iv-late",{"title":596,"path":597,"stem":598},"Panel Fixed Effects","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F09-panel-fixed-effects",{"title":600,"path":601,"stem":602},"Dynamic Panels and Limits","\u002Fen\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel","en\u002Fmicroeconometrics\u002F02-iv-panel\u002F10-dynamic-panel",{"title":604,"path":605,"stem":606,"children":607},"3. Policy Evaluation Designs","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs","en\u002Fmicroeconometrics\u002F03-policy-designs\u002Findex",[608,609,613,617,621,625],{"title":604,"path":605,"stem":606},{"title":610,"path":611,"stem":612},"Difference-in-Differences","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F11-did-core",{"title":614,"path":615,"stem":616},"Staggered DID and Event Studies","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F12-staggered-event-studies",{"title":618,"path":619,"stem":620},"Regression Discontinuity","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F13-rdd",{"title":622,"path":623,"stem":624},"Matching, Weighting and Overlap","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F14-matching-weighting",{"title":626,"path":627,"stem":628},"Synthetic Control","\u002Fen\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control","en\u002Fmicroeconometrics\u002F03-policy-designs\u002F15-synthetic-control",{"title":630,"path":631,"stem":632,"children":633},"Module 4 — Choice and Limited Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002Findex",[634,635,639,643,647],{"title":630,"path":631,"stem":632},{"title":636,"path":637,"stem":638},"Binary Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F16-binary-choice",{"title":640,"path":641,"stem":642},"Multinomial and Ordered Choice","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F17-multinomial-choice",{"title":644,"path":645,"stem":646},"Count Outcomes","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F18-count-outcomes",{"title":648,"path":649,"stem":650},"Censoring, Truncation and Selection","\u002Fen\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection","en\u002Fmicroeconometrics\u002F04-outcomes-choice\u002F19-censoring-selection",{"title":652,"path":653,"stem":654,"children":655},"Module 5 — Modern Causal Analysis","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal","en\u002Fmicroeconometrics\u002F05-modern-causal\u002Findex",[656,657,661,665,669],{"title":652,"path":653,"stem":654},{"title":658,"path":659,"stem":660},"Double Machine Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F20-dml",{"title":662,"path":663,"stem":664},"Heterogeneity and Policy Learning","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F21-heterogeneity-policy",{"title":666,"path":667,"stem":668},"Sensitivity and Partial Identification","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F22-sensitivity-partial-id",{"title":670,"path":671,"stem":672},"External Validity and Transport","\u002Fen\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity","en\u002Fmicroeconometrics\u002F05-modern-causal\u002F23-external-validity",{"title":674,"path":675,"stem":676,"children":677},"Module 6 — From Data to Auditable Evidence","\u002Fen\u002Fmicroeconometrics\u002F06-workflow","en\u002Fmicroeconometrics\u002F06-workflow\u002Findex",[678,679,683,687],{"title":674,"path":675,"stem":676},{"title":680,"path":681,"stem":682},"Data Provenance","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance","en\u002Fmicroeconometrics\u002F06-workflow\u002F24-data-provenance",{"title":684,"path":685,"stem":686},"Reproducibility and Reporting","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting","en\u002Fmicroeconometrics\u002F06-workflow\u002F25-reproducibility-reporting",{"title":688,"path":689,"stem":690},"Paper and Evidence Audit","\u002Fen\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit","en\u002Fmicroeconometrics\u002F06-workflow\u002F26-paper-audit",{"title":692,"path":693,"stem":694,"children":695},"Appendix — Revision and Evidence Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix","en\u002Fmicroeconometrics\u002Fappendix\u002Findex",[696,697,701,705],{"title":692,"path":693,"stem":694},{"title":698,"path":699,"stem":700},"Formula and Design Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map","en\u002Fmicroeconometrics\u002Fappendix\u002F27-formula-design-map",{"title":702,"path":703,"stem":704},"Ten Worked Microeconometric Pitfalls","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls","en\u002Fmicroeconometrics\u002Fappendix\u002F28-worked-pitfalls",{"title":706,"path":707,"stem":708},"Reading and Software Map","\u002Fen\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map","en\u002Fmicroeconometrics\u002Fappendix\u002F29-reading-software-map",{"title":710,"path":711,"stem":712,"children":713},"Capstone — Should Northbridge Expand Pathways?","\u002Fen\u002Fmicroeconometrics\u002Fcapstone","en\u002Fmicroeconometrics\u002Fcapstone\u002Findex",[714],{"title":710,"path":711,"stem":712},{"title":716,"path":717,"stem":718,"children":719,"page":249},"Microeconomics","\u002Fen\u002Fmicroeconomics","en\u002Fmicroeconomics",[720,726,732,738,744,750,756,762,768,774,780,786,792],{"title":721,"path":722,"stem":723,"children":724},"Advanced Microeconomics — Course Guide","\u002Fen\u002Fmicroeconomics\u002F00-intro","en\u002Fmicroeconomics\u002F00-intro\u002Findex",[725],{"title":721,"path":722,"stem":723},{"title":727,"path":728,"stem":729,"children":730},"Module 1 — Choice, Duality, and Revealed Preference","\u002Fen\u002Fmicroeconomics\u002F01-fundations","en\u002Fmicroeconomics\u002F01-fundations\u002Findex",[731],{"title":727,"path":728,"stem":729},{"title":733,"path":734,"stem":735,"children":736},"Module 2 — Comparative Statics and Welfare Measurement","\u002Fen\u002Fmicroeconomics\u002F02-comparative-statics","en\u002Fmicroeconomics\u002F02-comparative-statics\u002Findex",[737],{"title":733,"path":734,"stem":735},{"title":739,"path":740,"stem":741,"children":742},"Module 3 — Choice under Risk and Insurance","\u002Fen\u002Fmicroeconomics\u002F03-uncertainty","en\u002Fmicroeconomics\u002F03-uncertainty\u002Findex",[743],{"title":739,"path":740,"stem":741},{"title":745,"path":746,"stem":747,"children":748},"Module 4 — General Equilibrium and Welfare","\u002Fen\u002Fmicroeconomics\u002F04-general-equilibrium","en\u002Fmicroeconomics\u002F04-general-equilibrium\u002Findex",[749],{"title":745,"path":746,"stem":747},{"title":751,"path":752,"stem":753,"children":754},"Module 5 — Static, Dynamic, and Repeated Games","\u002Fen\u002Fmicroeconomics\u002F05-game-theory","en\u002Fmicroeconomics\u002F05-game-theory\u002Findex",[755],{"title":751,"path":752,"stem":753},{"title":757,"path":758,"stem":759,"children":760},"Module 6 — Oligopoly, Entry, and Algorithmic Pricing","\u002Fen\u002Fmicroeconomics\u002F06-oligopoly","en\u002Fmicroeconomics\u002F06-oligopoly\u002Findex",[761],{"title":757,"path":758,"stem":759},{"title":763,"path":764,"stem":765,"children":766},"Module 7 — Information Economics and Contracts","\u002Fen\u002Fmicroeconomics\u002F07-information-economics","en\u002Fmicroeconomics\u002F07-information-economics\u002Findex",[767],{"title":763,"path":764,"stem":765},{"title":769,"path":770,"stem":771,"children":772},"Module 8 — Mechanism Design and Auctions","\u002Fen\u002Fmicroeconomics\u002F08-mechanism-design","en\u002Fmicroeconomics\u002F08-mechanism-design\u002Findex",[773],{"title":769,"path":770,"stem":771},{"title":775,"path":776,"stem":777,"children":778},"Module 9 — Behavioural and Experimental Microeconomics","\u002Fen\u002Fmicroeconomics\u002F09-behavioural-economics","en\u002Fmicroeconomics\u002F09-behavioural-economics\u002Findex",[779],{"title":775,"path":776,"stem":777},{"title":781,"path":782,"stem":783,"children":784},"Module 10 — Externalities, Public Goods, and Collective Action","\u002Fen\u002Fmicroeconomics\u002F10-externalities-public-goods","en\u002Fmicroeconomics\u002F10-externalities-public-goods\u002Findex",[785],{"title":781,"path":782,"stem":783},{"title":787,"path":788,"stem":789,"children":790},"Module 11 — Matching and Market Design","\u002Fen\u002Fmicroeconomics\u002F11-market-design","en\u002Fmicroeconomics\u002F11-market-design\u002Findex",[791],{"title":787,"path":788,"stem":789},{"title":793,"path":794,"stem":795,"children":796},"Module 12 — Integrated Microeconomic Design Studio","\u002Fen\u002Fmicroeconomics\u002F12-review","en\u002Fmicroeconomics\u002F12-review\u002Findex",[797],{"title":793,"path":794,"stem":795},{"title":799,"path":800,"stem":801,"children":802},"Playground","\u002Fen\u002Fplayground","en\u002Fplayground\u002Findex",[803,804,808,812,816,820],{"title":799,"path":800,"stem":801},{"title":805,"path":806,"stem":807},"Typst Plugin Playground","\u002Fen\u002Fplayground\u002F01-typstex","en\u002Fplayground\u002F01-typstex",{"title":809,"path":810,"stem":811},"Citation Plugin Test","\u002Fen\u002Fplayground\u002F02-citation","en\u002Fplayground\u002F02-citation",{"title":813,"path":814,"stem":815},"Pyodide Playground","\u002Fen\u002Fplayground\u002F03-pyodide","en\u002Fplayground\u002F03-pyodide",{"title":817,"path":818,"stem":819},"WebR Playground","\u002Fen\u002Fplayground\u002F04-webr","en\u002Fplayground\u002F04-webr",{"title":821,"path":822,"stem":823},"Chart.js 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文献综述的构建与写作","\u002Fzh\u002Facademic-writing\u002F04-writing-the-literature-review","zh\u002Facademic-writing\u002F04-writing-the-literature-review",{"title":1056,"path":1057,"stem":1058},"8. 文献综述清单与模板","\u002Fzh\u002Facademic-writing\u002F08-literature-review-checklist-and-template","zh\u002Facademic-writing\u002F08-literature-review-checklist-and-template",{"title":1060,"path":1061,"stem":1062},"10. 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Alpha 策略全流程","\u002Fzh\u002Fquant\u002F09-case-study","zh\u002Fquant\u002F09-case-study",{"title":1779,"path":1780,"stem":1781},"量化投资文献与软件图谱","\u002Fzh\u002Fquant\u002F10-reading-software-map","zh\u002Fquant\u002F10-reading-software-map",null,{"id":1784,"title":1290,"body":1785,"description":5900,"extension":5901,"features":1782,"hero":1782,"layout":1782,"locale":1782,"meta":5902,"navigation":1782,"path":1291,"published":5905,"seo":5906,"stem":1292,"__hash__":5907},"docs\u002Fzh\u002Fasset-pricing\u002F07-options\u002Findex.md",{"type":1786,"value":1787,"toc":5878},"minimark",[1788,1792,1796,1799,1803,1863,1866,1869,1888,1891,1909,1912,1915,1969,1972,1975,2442,2661,2861,2921,3084,3087,3090,3094,3156,3159,3162,3197,3548,3551,3555,3558,3858,3861,3865,3868,4059,4062,4065,4068,4121,4125,4128,4311,4314,4812,4815,5050,5053,5057,5060,5066,5073,5076,5179,5182,5215,5218,5232,5235,5872,5875],[1789,1790,1290],"h1",{"id":1791},"第七章期权定价理论",[1793,1794,1795],"p",{},"期权定价是资产定价中最清楚展示“无套利”力量的部分。股票的预期收益很难只靠无套利确定，但期权在理想条件下可以通过标的资产和无风险资产动态复制，因此价格受到非常强的约束。",[1793,1797,1798],{},"本章以“复制相同现金流”作为主线。风险中性概率是完成无套利定价的工具，不是对真实上涨概率的预测。",[1800,1801,1802],"h2",{"id":1802},"本章路线",[1804,1805,1806,1819],"table",{},[1807,1808,1809],"thead",{},[1810,1811,1812,1816],"tr",{},[1813,1814,1815],"th",{},"课次",[1813,1817,1818],{},"核心问题",[1820,1821,1822,1831,1839,1847,1855],"tbody",{},[1810,1823,1824,1828],{},[1825,1826,1827],"td",{},"7.1 二叉树",[1825,1829,1830],{},"怎样用股票与借贷复制期权？",[1810,1832,1833,1836],{},[1825,1834,1835],{},"7.2 Black–Scholes",[1825,1837,1838],{},"连续动态对冲需要哪些理想化假设？",[1810,1840,1841,1844],{},[1825,1842,1843],{},"7.3 Greeks",[1825,1845,1846],{},"价格对标的、波动率和时间怎样局部变化？",[1810,1848,1849,1852],{},[1825,1850,1851],{},"7.4 隐含波动率",[1825,1853,1854],{},"市场期权价格隐含了什么，而没有告诉什么？",[1810,1856,1857,1860],{},[1825,1858,1859],{},"7.5—7.8 扩展",[1825,1861,1862],{},"提前行权、路径依赖、随机波动与跳跃怎样破坏基础模型？",[1800,1864,1865],{"id":1865},"学习成果",[1793,1867,1868],{},"通过本章学习，你将掌握：",[1870,1871,1872,1876,1879,1882,1885],"ol",{},[1873,1874,1875],"li",{},"期权的基本概念和损益结构",[1873,1877,1878],{},"二叉树期权定价方法",[1873,1880,1881],{},"Black-Scholes公式的推导和应用",[1873,1883,1884],{},"期权的希腊字母及其在对冲中的应用",[1873,1886,1887],{},"各类期权的定价技巧",[1793,1889,1890],{},"读完本章后，你应能完成以下任务：",[1892,1893,1894,1897,1900,1903,1906],"ul",{},[1873,1895,1896],{},"画出看涨、看跌、保护性看跌和备兑看涨的到期损益。",[1873,1898,1899],{},"用单期二叉树构造复制组合并计算风险中性概率。",[1873,1901,1902],{},"解释 Black-Scholes 公式背后的动态复制思想，而不只是代入公式。",[1873,1904,1905],{},"用 Delta、Gamma、Vega、Theta、Rho 描述期权组合的主要风险。",[1873,1907,1908],{},"说明隐含波动率微笑为什么暴露了 Black-Scholes 常数波动率假设的局限。",[1800,1910,1911],{"id":1911},"金融与经济动机",[1793,1913,1914],{},"期权本质上是在不同状态下重新分配现金流：看跌期权在下跌状态支付，像保险；看涨期权保留上涨收益、限制亏损为权利金。正因为它们的支付高度非线性，期权被广泛用于风险管理、投机、结构性产品和市场预期提取。",[1804,1916,1917,1927],{},[1807,1918,1919],{},[1810,1920,1921,1924],{},[1813,1922,1923],{},"实务问题",[1813,1925,1926],{},"期权定价工具",[1820,1928,1929,1937,1945,1953,1961],{},[1810,1930,1931,1934],{},[1825,1932,1933],{},"如何给标准欧式期权定价",[1825,1935,1936],{},"二叉树、Black-Scholes",[1810,1938,1939,1942],{},[1825,1940,1941],{},"如何控制期权组合风险",[1825,1943,1944],{},"希腊字母、动态对冲",[1810,1946,1947,1950],{},[1825,1948,1949],{},"市场预期未来波动多少",[1825,1951,1952],{},"隐含波动率、VIX",[1810,1954,1955,1958],{},[1825,1956,1957],{},"期权可提前行权怎么办",[1825,1959,1960],{},"美式期权数值方法",[1810,1962,1963,1966],{},[1825,1964,1965],{},"波动率不是常数怎么办",[1825,1967,1968],{},"随机波动率、跳跃扩散",[1800,1970,1971],{"id":1971},"模型设置与直觉",[1793,1973,1974],{},"期权定价的核心思想是复制：如果一个期权的未来支付可以由标的资产和无风险资产组成的组合复制，那么期权价格必须等于复制组合成本。",[1793,1976,1977,1978,2086,2087,2159,2160,2232,2233,2306,2307,2377,2378,2410,2411,2441],{},"在二叉树中，设股票今天价格为 ",[1979,1980,1983,2013],"span",{"className":1981},[1982],"katex",[1979,1984,1987],{"className":1985},[1986],"katex-mathml",[1988,1989,1991],"math",{"xmlns":1990},"http:\u002F\u002Fwww.w3.org\u002F1998\u002FMath\u002FMathML",[1992,1993,1994,2008],"semantics",{},[1995,1996,1997],"mrow",{},[1998,1999,2000,2004],"msub",{},[2001,2002,2003],"mi",{},"S",[2005,2006,2007],"mn",{},"0",[2009,2010,2012],"annotation",{"encoding":2011},"application\u002Fx-tex","S_0",[1979,2014,2018],{"className":2015,"ariaHidden":2017},[2016],"katex-html","true",[1979,2019,2022,2027],{"className":2020},[2021],"base",[1979,2023],{"className":2024,"style":2026},[2025],"strut","height:0.8333em;vertical-align:-0.15em;",[1979,2028,2031,2036],{"className":2029},[2030],"mord",[1979,2032,2003],{"className":2033,"style":2035},[2030,2034],"mathnormal","margin-right:0.0576em;",[1979,2037,2040],{"className":2038},[2039],"msupsub",[1979,2041,2045,2077],{"className":2042},[2043,2044],"vlist-t","vlist-t2",[1979,2046,2049,2072],{"className":2047},[2048],"vlist-r",[1979,2050,2054],{"className":2051,"style":2053},[2052],"vlist","height:0.3011em;",[1979,2055,2057,2062],{"style":2056},"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;",[1979,2058],{"className":2059,"style":2061},[2060],"pstrut","height:2.7em;",[1979,2063,2069],{"className":2064},[2065,2066,2067,2068],"sizing","reset-size6","size3","mtight",[1979,2070,2007],{"className":2071},[2030,2068],[1979,2073,2076],{"className":2074},[2075],"vlist-s","​",[1979,2078,2080],{"className":2079},[2048],[1979,2081,2084],{"className":2082,"style":2083},[2052],"height:0.15em;",[1979,2085],{},"，下一期上涨到 ",[1979,2088,2090,2109],{"className":2089},[1982],[1979,2091,2093],{"className":2092},[1986],[1988,2094,2095],{"xmlns":1990},[1992,2096,2097,2106],{},[1995,2098,2099],{},[1998,2100,2101,2103],{},[2001,2102,2003],{},[2001,2104,2105],{},"u",[2009,2107,2108],{"encoding":2011},"S_u",[1979,2110,2112],{"className":2111,"ariaHidden":2017},[2016],[1979,2113,2115,2118],{"className":2114},[2021],[1979,2116],{"className":2117,"style":2026},[2025],[1979,2119,2121,2124],{"className":2120},[2030],[1979,2122,2003],{"className":2123,"style":2035},[2030,2034],[1979,2125,2127],{"className":2126},[2039],[1979,2128,2130,2151],{"className":2129},[2043,2044],[1979,2131,2133,2148],{"className":2132},[2048],[1979,2134,2137],{"className":2135,"style":2136},[2052],"height:0.1514em;",[1979,2138,2139,2142],{"style":2056},[1979,2140],{"className":2141,"style":2061},[2060],[1979,2143,2145],{"className":2144},[2065,2066,2067,2068],[1979,2146,2105],{"className":2147},[2030,2034,2068],[1979,2149,2076],{"className":2150},[2075],[1979,2152,2154],{"className":2153},[2048],[1979,2155,2157],{"className":2156,"style":2083},[2052],[1979,2158],{}," 或下跌到 ",[1979,2161,2163,2182],{"className":2162},[1982],[1979,2164,2166],{"className":2165},[1986],[1988,2167,2168],{"xmlns":1990},[1992,2169,2170,2179],{},[1995,2171,2172],{},[1998,2173,2174,2176],{},[2001,2175,2003],{},[2001,2177,2178],{},"d",[2009,2180,2181],{"encoding":2011},"S_d",[1979,2183,2185],{"className":2184,"ariaHidden":2017},[2016],[1979,2186,2188,2191],{"className":2187},[2021],[1979,2189],{"className":2190,"style":2026},[2025],[1979,2192,2194,2197],{"className":2193},[2030],[1979,2195,2003],{"className":2196,"style":2035},[2030,2034],[1979,2198,2200],{"className":2199},[2039],[1979,2201,2203,2224],{"className":2202},[2043,2044],[1979,2204,2206,2221],{"className":2205},[2048],[1979,2207,2210],{"className":2208,"style":2209},[2052],"height:0.3361em;",[1979,2211,2212,2215],{"style":2056},[1979,2213],{"className":2214,"style":2061},[2060],[1979,2216,2218],{"className":2217},[2065,2066,2067,2068],[1979,2219,2178],{"className":2220},[2030,2034,2068],[1979,2222,2076],{"className":2223},[2075],[1979,2225,2227],{"className":2226},[2048],[1979,2228,2230],{"className":2229,"style":2083},[2052],[1979,2231],{},"。看涨期权对应支付 ",[1979,2234,2236,2255],{"className":2235},[1982],[1979,2237,2239],{"className":2238},[1986],[1988,2240,2241],{"xmlns":1990},[1992,2242,2243,2252],{},[1995,2244,2245],{},[1998,2246,2247,2250],{},[2001,2248,2249],{},"C",[2001,2251,2105],{},[2009,2253,2254],{"encoding":2011},"C_u",[1979,2256,2258],{"className":2257,"ariaHidden":2017},[2016],[1979,2259,2261,2264],{"className":2260},[2021],[1979,2262],{"className":2263,"style":2026},[2025],[1979,2265,2267,2271],{"className":2266},[2030],[1979,2268,2249],{"className":2269,"style":2270},[2030,2034],"margin-right:0.0715em;",[1979,2272,2274],{"className":2273},[2039],[1979,2275,2277,2298],{"className":2276},[2043,2044],[1979,2278,2280,2295],{"className":2279},[2048],[1979,2281,2283],{"className":2282,"style":2136},[2052],[1979,2284,2286,2289],{"style":2285},"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;",[1979,2287],{"className":2288,"style":2061},[2060],[1979,2290,2292],{"className":2291},[2065,2066,2067,2068],[1979,2293,2105],{"className":2294},[2030,2034,2068],[1979,2296,2076],{"className":2297},[2075],[1979,2299,2301],{"className":2300},[2048],[1979,2302,2304],{"className":2303,"style":2083},[2052],[1979,2305],{}," 和 ",[1979,2308,2310,2328],{"className":2309},[1982],[1979,2311,2313],{"className":2312},[1986],[1988,2314,2315],{"xmlns":1990},[1992,2316,2317,2325],{},[1995,2318,2319],{},[1998,2320,2321,2323],{},[2001,2322,2249],{},[2001,2324,2178],{},[2009,2326,2327],{"encoding":2011},"C_d",[1979,2329,2331],{"className":2330,"ariaHidden":2017},[2016],[1979,2332,2334,2337],{"className":2333},[2021],[1979,2335],{"className":2336,"style":2026},[2025],[1979,2338,2340,2343],{"className":2339},[2030],[1979,2341,2249],{"className":2342,"style":2270},[2030,2034],[1979,2344,2346],{"className":2345},[2039],[1979,2347,2349,2369],{"className":2348},[2043,2044],[1979,2350,2352,2366],{"className":2351},[2048],[1979,2353,2355],{"className":2354,"style":2209},[2052],[1979,2356,2357,2360],{"style":2285},[1979,2358],{"className":2359,"style":2061},[2060],[1979,2361,2363],{"className":2362},[2065,2066,2067,2068],[1979,2364,2178],{"className":2365},[2030,2034,2068],[1979,2367,2076],{"className":2368},[2075],[1979,2370,2372],{"className":2371},[2048],[1979,2373,2375],{"className":2374,"style":2083},[2052],[1979,2376],{},"。复制组合持有 ",[1979,2379,2381,2397],{"className":2380},[1982],[1979,2382,2384],{"className":2383},[1986],[1988,2385,2386],{"xmlns":1990},[1992,2387,2388,2394],{},[1995,2389,2390],{},[2001,2391,2393],{"mathvariant":2392},"normal","Δ",[2009,2395,2396],{"encoding":2011},"\\Delta",[1979,2398,2400],{"className":2399,"ariaHidden":2017},[2016],[1979,2401,2403,2407],{"className":2402},[2021],[1979,2404],{"className":2405,"style":2406},[2025],"height:0.6833em;",[1979,2408,2393],{"className":2409},[2030]," 股股票和 ",[1979,2412,2414,2428],{"className":2413},[1982],[1979,2415,2417],{"className":2416},[1986],[1988,2418,2419],{"xmlns":1990},[1992,2420,2421,2426],{},[1995,2422,2423],{},[2001,2424,2425],{},"B",[2009,2427,2425],{"encoding":2011},[1979,2429,2431],{"className":2430,"ariaHidden":2017},[2016],[1979,2432,2434,2437],{"className":2433},[2021],[1979,2435],{"className":2436,"style":2406},[2025],[1979,2438,2425],{"className":2439,"style":2440},[2030,2034],"margin-right:0.0502em;"," 元无风险资产，使得：",[1979,2443,2446],{"className":2444},[2445],"katex-display",[1979,2447,2449,2500],{"className":2448},[1982],[1979,2450,2452],{"className":2451},[1986],[1988,2453,2455],{"xmlns":1990,"display":2454},"block",[1992,2456,2457,2497],{},[1995,2458,2459,2461,2467,2471,2473,2477,2480,2482,2485,2488,2491],{},[2001,2460,2393],{"mathvariant":2392},[1998,2462,2463,2465],{},[2001,2464,2003],{},[2001,2466,2105],{},[2468,2469,2470],"mo",{},"+",[2001,2472,2425],{},[2468,2474,2476],{"stretchy":2475},"false","(",[2005,2478,2479],{},"1",[2468,2481,2470],{},[2001,2483,2484],{},"r",[2468,2486,2487],{"stretchy":2475},")",[2468,2489,2490],{},"=",[1998,2492,2493,2495],{},[2001,2494,2249],{},[2001,2496,2105],{},[2009,2498,2499],{"encoding":2011},"\\Delta S_u+B(1+r)=C_u",[1979,2501,2503,2564,2590,2615],{"className":2502,"ariaHidden":2017},[2016],[1979,2504,2506,2509,2512,2552,2557,2561],{"className":2505},[2021],[1979,2507],{"className":2508,"style":2026},[2025],[1979,2510,2393],{"className":2511},[2030],[1979,2513,2515,2518],{"className":2514},[2030],[1979,2516,2003],{"className":2517,"style":2035},[2030,2034],[1979,2519,2521],{"className":2520},[2039],[1979,2522,2524,2544],{"className":2523},[2043,2044],[1979,2525,2527,2541],{"className":2526},[2048],[1979,2528,2530],{"className":2529,"style":2136},[2052],[1979,2531,2532,2535],{"style":2056},[1979,2533],{"className":2534,"style":2061},[2060],[1979,2536,2538],{"className":2537},[2065,2066,2067,2068],[1979,2539,2105],{"className":2540},[2030,2034,2068],[1979,2542,2076],{"className":2543},[2075],[1979,2545,2547],{"className":2546},[2048],[1979,2548,2550],{"className":2549,"style":2083},[2052],[1979,2551],{},[1979,2553],{"className":2554,"style":2556},[2555],"mspace","margin-right:0.2222em;",[1979,2558,2470],{"className":2559},[2560],"mbin",[1979,2562],{"className":2563,"style":2556},[2555],[1979,2565,2567,2571,2574,2578,2581,2584,2587],{"className":2566},[2021],[1979,2568],{"className":2569,"style":2570},[2025],"height:1em;vertical-align:-0.25em;",[1979,2572,2425],{"className":2573,"style":2440},[2030,2034],[1979,2575,2476],{"className":2576},[2577],"mopen",[1979,2579,2479],{"className":2580},[2030],[1979,2582],{"className":2583,"style":2556},[2555],[1979,2585,2470],{"className":2586},[2560],[1979,2588],{"className":2589,"style":2556},[2555],[1979,2591,2593,2596,2600,2604,2608,2612],{"className":2592},[2021],[1979,2594],{"className":2595,"style":2570},[2025],[1979,2597,2484],{"className":2598,"style":2599},[2030,2034],"margin-right:0.0278em;",[1979,2601,2487],{"className":2602},[2603],"mclose",[1979,2605],{"className":2606,"style":2607},[2555],"margin-right:0.2778em;",[1979,2609,2490],{"className":2610},[2611],"mrel",[1979,2613],{"className":2614,"style":2607},[2555],[1979,2616,2618,2621],{"className":2617},[2021],[1979,2619],{"className":2620,"style":2026},[2025],[1979,2622,2624,2627],{"className":2623},[2030],[1979,2625,2249],{"className":2626,"style":2270},[2030,2034],[1979,2628,2630],{"className":2629},[2039],[1979,2631,2633,2653],{"className":2632},[2043,2044],[1979,2634,2636,2650],{"className":2635},[2048],[1979,2637,2639],{"className":2638,"style":2136},[2052],[1979,2640,2641,2644],{"style":2285},[1979,2642],{"className":2643,"style":2061},[2060],[1979,2645,2647],{"className":2646},[2065,2066,2067,2068],[1979,2648,2105],{"className":2649},[2030,2034,2068],[1979,2651,2076],{"className":2652},[2075],[1979,2654,2656],{"className":2655},[2048],[1979,2657,2659],{"className":2658,"style":2083},[2052],[1979,2660],{},[1979,2662,2664],{"className":2663},[2445],[1979,2665,2667,2709],{"className":2666},[1982],[1979,2668,2670],{"className":2669},[1986],[1988,2671,2672],{"xmlns":1990,"display":2454},[1992,2673,2674,2706],{},[1995,2675,2676,2678,2684,2686,2688,2690,2692,2694,2696,2698,2700],{},[2001,2677,2393],{"mathvariant":2392},[1998,2679,2680,2682],{},[2001,2681,2003],{},[2001,2683,2178],{},[2468,2685,2470],{},[2001,2687,2425],{},[2468,2689,2476],{"stretchy":2475},[2005,2691,2479],{},[2468,2693,2470],{},[2001,2695,2484],{},[2468,2697,2487],{"stretchy":2475},[2468,2699,2490],{},[1998,2701,2702,2704],{},[2001,2703,2249],{},[2001,2705,2178],{},[2009,2707,2708],{"encoding":2011},"\\Delta S_d+B(1+r)=C_d",[1979,2710,2712,2770,2794,2815],{"className":2711,"ariaHidden":2017},[2016],[1979,2713,2715,2718,2721,2761,2764,2767],{"className":2714},[2021],[1979,2716],{"className":2717,"style":2026},[2025],[1979,2719,2393],{"className":2720},[2030],[1979,2722,2724,2727],{"className":2723},[2030],[1979,2725,2003],{"className":2726,"style":2035},[2030,2034],[1979,2728,2730],{"className":2729},[2039],[1979,2731,2733,2753],{"className":2732},[2043,2044],[1979,2734,2736,2750],{"className":2735},[2048],[1979,2737,2739],{"className":2738,"style":2209},[2052],[1979,2740,2741,2744],{"style":2056},[1979,2742],{"className":2743,"style":2061},[2060],[1979,2745,2747],{"className":2746},[2065,2066,2067,2068],[1979,2748,2178],{"className":2749},[2030,2034,2068],[1979,2751,2076],{"className":2752},[2075],[1979,2754,2756],{"className":2755},[2048],[1979,2757,2759],{"className":2758,"style":2083},[2052],[1979,2760],{},[1979,2762],{"className":2763,"style":2556},[2555],[1979,2765,2470],{"className":2766},[2560],[1979,2768],{"className":2769,"style":2556},[2555],[1979,2771,2773,2776,2779,2782,2785,2788,2791],{"className":2772},[2021],[1979,2774],{"className":2775,"style":2570},[2025],[1979,2777,2425],{"className":2778,"style":2440},[2030,2034],[1979,2780,2476],{"className":2781},[2577],[1979,2783,2479],{"className":2784},[2030],[1979,2786],{"className":2787,"style":2556},[2555],[1979,2789,2470],{"className":2790},[2560],[1979,2792],{"className":2793,"style":2556},[2555],[1979,2795,2797,2800,2803,2806,2809,2812],{"className":2796},[2021],[1979,2798],{"className":2799,"style":2570},[2025],[1979,2801,2484],{"className":2802,"style":2599},[2030,2034],[1979,2804,2487],{"className":2805},[2603],[1979,2807],{"className":2808,"style":2607},[2555],[1979,2810,2490],{"className":2811},[2611],[1979,2813],{"className":2814,"style":2607},[2555],[1979,2816,2818,2821],{"className":2817},[2021],[1979,2819],{"className":2820,"style":2026},[2025],[1979,2822,2824,2827],{"className":2823},[2030],[1979,2825,2249],{"className":2826,"style":2270},[2030,2034],[1979,2828,2830],{"className":2829},[2039],[1979,2831,2833,2853],{"className":2832},[2043,2044],[1979,2834,2836,2850],{"className":2835},[2048],[1979,2837,2839],{"className":2838,"style":2209},[2052],[1979,2840,2841,2844],{"style":2285},[1979,2842],{"className":2843,"style":2061},[2060],[1979,2845,2847],{"className":2846},[2065,2066,2067,2068],[1979,2848,2178],{"className":2849},[2030,2034,2068],[1979,2851,2076],{"className":2852},[2075],[1979,2854,2856],{"className":2855},[2048],[1979,2857,2859],{"className":2858,"style":2083},[2052],[1979,2860],{},[1793,2862,2863,2864,2306,2892,2920],{},"解出 ",[1979,2865,2867,2880],{"className":2866},[1982],[1979,2868,2870],{"className":2869},[1986],[1988,2871,2872],{"xmlns":1990},[1992,2873,2874,2878],{},[1995,2875,2876],{},[2001,2877,2393],{"mathvariant":2392},[2009,2879,2396],{"encoding":2011},[1979,2881,2883],{"className":2882,"ariaHidden":2017},[2016],[1979,2884,2886,2889],{"className":2885},[2021],[1979,2887],{"className":2888,"style":2406},[2025],[1979,2890,2393],{"className":2891},[2030],[1979,2893,2895,2908],{"className":2894},[1982],[1979,2896,2898],{"className":2897},[1986],[1988,2899,2900],{"xmlns":1990},[1992,2901,2902,2906],{},[1995,2903,2904],{},[2001,2905,2425],{},[2009,2907,2425],{"encoding":2011},[1979,2909,2911],{"className":2910,"ariaHidden":2017},[2016],[1979,2912,2914,2917],{"className":2913},[2021],[1979,2915],{"className":2916,"style":2406},[2025],[1979,2918,2425],{"className":2919,"style":2440},[2030,2034]," 后，期权价格为：",[1979,2922,2924],{"className":2923},[2445],[1979,2925,2927,2959],{"className":2926},[1982],[1979,2928,2930],{"className":2929},[1986],[1988,2931,2932],{"xmlns":1990,"display":2454},[1992,2933,2934,2956],{},[1995,2935,2936,2942,2944,2946,2952,2954],{},[1998,2937,2938,2940],{},[2001,2939,2249],{},[2005,2941,2007],{},[2468,2943,2490],{},[2001,2945,2393],{"mathvariant":2392},[1998,2947,2948,2950],{},[2001,2949,2003],{},[2005,2951,2007],{},[2468,2953,2470],{},[2001,2955,2425],{},[2009,2957,2958],{"encoding":2011},"C_0=\\Delta S_0+B",[1979,2960,2962,3017,3075],{"className":2961,"ariaHidden":2017},[2016],[1979,2963,2965,2968,3008,3011,3014],{"className":2964},[2021],[1979,2966],{"className":2967,"style":2026},[2025],[1979,2969,2971,2974],{"className":2970},[2030],[1979,2972,2249],{"className":2973,"style":2270},[2030,2034],[1979,2975,2977],{"className":2976},[2039],[1979,2978,2980,3000],{"className":2979},[2043,2044],[1979,2981,2983,2997],{"className":2982},[2048],[1979,2984,2986],{"className":2985,"style":2053},[2052],[1979,2987,2988,2991],{"style":2285},[1979,2989],{"className":2990,"style":2061},[2060],[1979,2992,2994],{"className":2993},[2065,2066,2067,2068],[1979,2995,2007],{"className":2996},[2030,2068],[1979,2998,2076],{"className":2999},[2075],[1979,3001,3003],{"className":3002},[2048],[1979,3004,3006],{"className":3005,"style":2083},[2052],[1979,3007],{},[1979,3009],{"className":3010,"style":2607},[2555],[1979,3012,2490],{"className":3013},[2611],[1979,3015],{"className":3016,"style":2607},[2555],[1979,3018,3020,3023,3026,3066,3069,3072],{"className":3019},[2021],[1979,3021],{"className":3022,"style":2026},[2025],[1979,3024,2393],{"className":3025},[2030],[1979,3027,3029,3032],{"className":3028},[2030],[1979,3030,2003],{"className":3031,"style":2035},[2030,2034],[1979,3033,3035],{"className":3034},[2039],[1979,3036,3038,3058],{"className":3037},[2043,2044],[1979,3039,3041,3055],{"className":3040},[2048],[1979,3042,3044],{"className":3043,"style":2053},[2052],[1979,3045,3046,3049],{"style":2056},[1979,3047],{"className":3048,"style":2061},[2060],[1979,3050,3052],{"className":3051},[2065,2066,2067,2068],[1979,3053,2007],{"className":3054},[2030,2068],[1979,3056,2076],{"className":3057},[2075],[1979,3059,3061],{"className":3060},[2048],[1979,3062,3064],{"className":3063,"style":2083},[2052],[1979,3065],{},[1979,3067],{"className":3068,"style":2556},[2555],[1979,3070,2470],{"className":3071},[2560],[1979,3073],{"className":3074,"style":2556},[2555],[1979,3076,3078,3081],{"className":3077},[2021],[1979,3079],{"className":3080,"style":2406},[2025],[1979,3082,2425],{"className":3083,"style":2440},[2030,2034],[1793,3085,3086],{},"中文直觉：我们没有问投资者风险偏好，也没有预测股票真实上涨概率；只要复制组合和期权在每个状态支付相同，它们今天就必须同价。",[1800,3088,3089],{"id":3089},"关键定义与定理",[3091,3092,3093],"h3",{"id":3093},"看涨期权与看跌期权",[1793,3095,3096,3097,3126,3127,3155],{},"看涨期权给持有人以执行价 ",[1979,3098,3100,3114],{"className":3099},[1982],[1979,3101,3103],{"className":3102},[1986],[1988,3104,3105],{"xmlns":1990},[1992,3106,3107,3112],{},[1995,3108,3109],{},[2001,3110,3111],{},"K",[2009,3113,3111],{"encoding":2011},[1979,3115,3117],{"className":3116,"ariaHidden":2017},[2016],[1979,3118,3120,3123],{"className":3119},[2021],[1979,3121],{"className":3122,"style":2406},[2025],[1979,3124,3111],{"className":3125,"style":2270},[2030,2034]," 买入标的资产的权利；看跌期权给持有人以执行价 ",[1979,3128,3130,3143],{"className":3129},[1982],[1979,3131,3133],{"className":3132},[1986],[1988,3134,3135],{"xmlns":1990},[1992,3136,3137,3141],{},[1995,3138,3139],{},[2001,3140,3111],{},[2009,3142,3111],{"encoding":2011},[1979,3144,3146],{"className":3145,"ariaHidden":2017},[2016],[1979,3147,3149,3152],{"className":3148},[2021],[1979,3150],{"className":3151,"style":2406},[2025],[1979,3153,3111],{"className":3154,"style":2270},[2030,2034]," 卖出标的资产的权利。",[1793,3157,3158],{},"中文解释：权利不是义务，因此期权价值不会为负。",[3091,3160,3161],{"id":3161},"风险中性定价",[1793,3163,3164,3165,3196],{},"在无套利市场中，可以用风险中性概率 ",[1979,3166,3168,3182],{"className":3167},[1982],[1979,3169,3171],{"className":3170},[1986],[1988,3172,3173],{"xmlns":1990},[1992,3174,3175,3180],{},[1995,3176,3177],{},[2001,3178,3179],{},"q",[2009,3181,3179],{"encoding":2011},[1979,3183,3185],{"className":3184,"ariaHidden":2017},[2016],[1979,3186,3188,3192],{"className":3187},[2021],[1979,3189],{"className":3190,"style":3191},[2025],"height:0.625em;vertical-align:-0.1944em;",[1979,3193,3179],{"className":3194,"style":3195},[2030,2034],"margin-right:0.0359em;"," 折现期望支付：",[1979,3198,3200],{"className":3199},[2445],[1979,3201,3203,3271],{"className":3202},[1982],[1979,3204,3206],{"className":3205},[1986],[1988,3207,3208],{"xmlns":1990,"display":2454},[1992,3209,3210,3268],{},[1995,3211,3212,3218,3220,3233],{},[1998,3213,3214,3216],{},[2001,3215,2249],{},[2005,3217,2007],{},[2468,3219,2490],{},[3221,3222,3223,3225],"mfrac",{},[2005,3224,2479],{},[1995,3226,3227,3229,3231],{},[2005,3228,2479],{},[2468,3230,2470],{},[2001,3232,2484],{},[1995,3234,3235,3238,3240,3246,3248,3250,3252,3255,3257,3259,3265],{},[2468,3236,3237],{"fence":2017},"[",[2001,3239,3179],{},[1998,3241,3242,3244],{},[2001,3243,2249],{},[2001,3245,2105],{},[2468,3247,2470],{},[2468,3249,2476],{"stretchy":2475},[2005,3251,2479],{},[2468,3253,3254],{},"−",[2001,3256,3179],{},[2468,3258,2487],{"stretchy":2475},[1998,3260,3261,3263],{},[2001,3262,2249],{},[2001,3264,2178],{},[2468,3266,3267],{"fence":2017},"]",[2009,3269,3270],{"encoding":2011},"C_0=\\frac{1}{1+r}\\left[qC_u+(1-q)C_d\\right]",[1979,3272,3274,3329],{"className":3273,"ariaHidden":2017},[2016],[1979,3275,3277,3280,3320,3323,3326],{"className":3276},[2021],[1979,3278],{"className":3279,"style":2026},[2025],[1979,3281,3283,3286],{"className":3282},[2030],[1979,3284,2249],{"className":3285,"style":2270},[2030,2034],[1979,3287,3289],{"className":3288},[2039],[1979,3290,3292,3312],{"className":3291},[2043,2044],[1979,3293,3295,3309],{"className":3294},[2048],[1979,3296,3298],{"className":3297,"style":2053},[2052],[1979,3299,3300,3303],{"style":2285},[1979,3301],{"className":3302,"style":2061},[2060],[1979,3304,3306],{"className":3305},[2065,2066,2067,2068],[1979,3307,2007],{"className":3308},[2030,2068],[1979,3310,2076],{"className":3311},[2075],[1979,3313,3315],{"className":3314},[2048],[1979,3316,3318],{"className":3317,"style":2083},[2052],[1979,3319],{},[1979,3321],{"className":3322,"style":2607},[2555],[1979,3324,2490],{"className":3325},[2611],[1979,3327],{"className":3328,"style":2607},[2555],[1979,3330,3332,3336,3419,3423],{"className":3331},[2021],[1979,3333],{"className":3334,"style":3335},[2025],"height:2.0908em;vertical-align:-0.7693em;",[1979,3337,3339,3343,3416],{"className":3338},[2030],[1979,3340],{"className":3341},[2577,3342],"nulldelimiter",[1979,3344,3346],{"className":3345},[3221],[1979,3347,3349,3407],{"className":3348},[2043,2044],[1979,3350,3352,3404],{"className":3351},[2048],[1979,3353,3356,3381,3392],{"className":3354,"style":3355},[2052],"height:1.3214em;",[1979,3357,3359,3363],{"style":3358},"top:-2.314em;",[1979,3360],{"className":3361,"style":3362},[2060],"height:3em;",[1979,3364,3366,3369,3372,3375,3378],{"className":3365},[2030],[1979,3367,2479],{"className":3368},[2030],[1979,3370],{"className":3371,"style":2556},[2555],[1979,3373,2470],{"className":3374},[2560],[1979,3376],{"className":3377,"style":2556},[2555],[1979,3379,2484],{"className":3380,"style":2599},[2030,2034],[1979,3382,3384,3387],{"style":3383},"top:-3.23em;",[1979,3385],{"className":3386,"style":3362},[2060],[1979,3388],{"className":3389,"style":3391},[3390],"frac-line","border-bottom-width:0.04em;",[1979,3393,3395,3398],{"style":3394},"top:-3.677em;",[1979,3396],{"className":3397,"style":3362},[2060],[1979,3399,3401],{"className":3400},[2030],[1979,3402,2479],{"className":3403},[2030],[1979,3405,2076],{"className":3406},[2075],[1979,3408,3410],{"className":3409},[2048],[1979,3411,3414],{"className":3412,"style":3413},[2052],"height:0.7693em;",[1979,3415],{},[1979,3417],{"className":3418},[2603,3342],[1979,3420],{"className":3421,"style":3422},[2555],"margin-right:0.1667em;",[1979,3424,3427,3432,3435,3475,3478,3481,3484,3487,3490,3493,3496,3499,3502,3505,3545],{"className":3425},[3426],"minner",[1979,3428,3237],{"className":3429,"style":3431},[2577,3430],"delimcenter","top:0em;",[1979,3433,3179],{"className":3434,"style":3195},[2030,2034],[1979,3436,3438,3441],{"className":3437},[2030],[1979,3439,2249],{"className":3440,"style":2270},[2030,2034],[1979,3442,3444],{"className":3443},[2039],[1979,3445,3447,3467],{"className":3446},[2043,2044],[1979,3448,3450,3464],{"className":3449},[2048],[1979,3451,3453],{"className":3452,"style":2136},[2052],[1979,3454,3455,3458],{"style":2285},[1979,3456],{"className":3457,"style":2061},[2060],[1979,3459,3461],{"className":3460},[2065,2066,2067,2068],[1979,3462,2105],{"className":3463},[2030,2034,2068],[1979,3465,2076],{"className":3466},[2075],[1979,3468,3470],{"className":3469},[2048],[1979,3471,3473],{"className":3472,"style":2083},[2052],[1979,3474],{},[1979,3476],{"className":3477,"style":2556},[2555],[1979,3479,2470],{"className":3480},[2560],[1979,3482],{"className":3483,"style":2556},[2555],[1979,3485,2476],{"className":3486},[2577],[1979,3488,2479],{"className":3489},[2030],[1979,3491],{"className":3492,"style":2556},[2555],[1979,3494,3254],{"className":3495},[2560],[1979,3497],{"className":3498,"style":2556},[2555],[1979,3500,3179],{"className":3501,"style":3195},[2030,2034],[1979,3503,2487],{"className":3504},[2603],[1979,3506,3508,3511],{"className":3507},[2030],[1979,3509,2249],{"className":3510,"style":2270},[2030,2034],[1979,3512,3514],{"className":3513},[2039],[1979,3515,3517,3537],{"className":3516},[2043,2044],[1979,3518,3520,3534],{"className":3519},[2048],[1979,3521,3523],{"className":3522,"style":2209},[2052],[1979,3524,3525,3528],{"style":2285},[1979,3526],{"className":3527,"style":2061},[2060],[1979,3529,3531],{"className":3530},[2065,2066,2067,2068],[1979,3532,2178],{"className":3533},[2030,2034,2068],[1979,3535,2076],{"className":3536},[2075],[1979,3538,3540],{"className":3539},[2048],[1979,3541,3543],{"className":3542,"style":2083},[2052],[1979,3544],{},[1979,3546,3267],{"className":3547,"style":3431},[2603,3430],[1793,3549,3550],{},"中文解释：风险中性概率不是现实概率，而是把风险补偿吸收到概率中后，用无风险利率折现的定价工具。",[3091,3552,3554],{"id":3553},"black-scholes-公式","Black-Scholes 公式",[1793,3556,3557],{},"在连续交易、无交易成本、几何布朗运动和常数波动率等假设下，欧式看涨期权价格为：",[1979,3559,3561],{"className":3560},[2445],[1979,3562,3564,3631],{"className":3563},[1982],[1979,3565,3567],{"className":3566},[1986],[1988,3568,3569],{"xmlns":1990,"display":2454},[1992,3570,3571,3628],{},[1995,3572,3573,3575,3577,3583,3586,3588,3594,3596,3598,3600,3615,3617,3619,3626],{},[2001,3574,2249],{},[2468,3576,2490],{},[1998,3578,3579,3581],{},[2001,3580,2003],{},[2005,3582,2007],{},[2001,3584,3585],{},"N",[2468,3587,2476],{"stretchy":2475},[1998,3589,3590,3592],{},[2001,3591,2178],{},[2005,3593,2479],{},[2468,3595,2487],{"stretchy":2475},[2468,3597,3254],{},[2001,3599,3111],{},[3601,3602,3603,3606],"msup",{},[2001,3604,3605],{},"e",[1995,3607,3608,3610,3612],{},[2468,3609,3254],{},[2001,3611,2484],{},[2001,3613,3614],{},"T",[2001,3616,3585],{},[2468,3618,2476],{"stretchy":2475},[1998,3620,3621,3623],{},[2001,3622,2178],{},[2005,3624,3625],{},"2",[2468,3627,2487],{"stretchy":2475},[2009,3629,3630],{"encoding":2011},"C=S_0N(d_1)-Ke^{-rT}N(d_2)",[1979,3632,3634,3652,3758],{"className":3633,"ariaHidden":2017},[2016],[1979,3635,3637,3640,3643,3646,3649],{"className":3636},[2021],[1979,3638],{"className":3639,"style":2406},[2025],[1979,3641,2249],{"className":3642,"style":2270},[2030,2034],[1979,3644],{"className":3645,"style":2607},[2555],[1979,3647,2490],{"className":3648},[2611],[1979,3650],{"className":3651,"style":2607},[2555],[1979,3653,3655,3658,3698,3702,3705,3746,3749,3752,3755],{"className":3654},[2021],[1979,3656],{"className":3657,"style":2570},[2025],[1979,3659,3661,3664],{"className":3660},[2030],[1979,3662,2003],{"className":3663,"style":2035},[2030,2034],[1979,3665,3667],{"className":3666},[2039],[1979,3668,3670,3690],{"className":3669},[2043,2044],[1979,3671,3673,3687],{"className":3672},[2048],[1979,3674,3676],{"className":3675,"style":2053},[2052],[1979,3677,3678,3681],{"style":2056},[1979,3679],{"className":3680,"style":2061},[2060],[1979,3682,3684],{"className":3683},[2065,2066,2067,2068],[1979,3685,2007],{"className":3686},[2030,2068],[1979,3688,2076],{"className":3689},[2075],[1979,3691,3693],{"className":3692},[2048],[1979,3694,3696],{"className":3695,"style":2083},[2052],[1979,3697],{},[1979,3699,3585],{"className":3700,"style":3701},[2030,2034],"margin-right:0.109em;",[1979,3703,2476],{"className":3704},[2577],[1979,3706,3708,3711],{"className":3707},[2030],[1979,3709,2178],{"className":3710},[2030,2034],[1979,3712,3714],{"className":3713},[2039],[1979,3715,3717,3738],{"className":3716},[2043,2044],[1979,3718,3720,3735],{"className":3719},[2048],[1979,3721,3723],{"className":3722,"style":2053},[2052],[1979,3724,3726,3729],{"style":3725},"top:-2.55em;margin-left:0em;margin-right:0.05em;",[1979,3727],{"className":3728,"style":2061},[2060],[1979,3730,3732],{"className":3731},[2065,2066,2067,2068],[1979,3733,2479],{"className":3734},[2030,2068],[1979,3736,2076],{"className":3737},[2075],[1979,3739,3741],{"className":3740},[2048],[1979,3742,3744],{"className":3743,"style":2083},[2052],[1979,3745],{},[1979,3747,2487],{"className":3748},[2603],[1979,3750],{"className":3751,"style":2556},[2555],[1979,3753,3254],{"className":3754},[2560],[1979,3756],{"className":3757,"style":2556},[2555],[1979,3759,3761,3765,3768,3809,3812,3815,3855],{"className":3760},[2021],[1979,3762],{"className":3763,"style":3764},[2025],"height:1.1413em;vertical-align:-0.25em;",[1979,3766,3111],{"className":3767,"style":2270},[2030,2034],[1979,3769,3771,3774],{"className":3770},[2030],[1979,3772,3605],{"className":3773},[2030,2034],[1979,3775,3777],{"className":3776},[2039],[1979,3778,3780],{"className":3779},[2043],[1979,3781,3783],{"className":3782},[2048],[1979,3784,3787],{"className":3785,"style":3786},[2052],"height:0.8913em;",[1979,3788,3790,3793],{"style":3789},"top:-3.113em;margin-right:0.05em;",[1979,3791],{"className":3792,"style":2061},[2060],[1979,3794,3796],{"className":3795},[2065,2066,2067,2068],[1979,3797,3799,3802,3805],{"className":3798},[2030,2068],[1979,3800,3254],{"className":3801},[2030,2068],[1979,3803,2484],{"className":3804,"style":2599},[2030,2034,2068],[1979,3806,3614],{"className":3807,"style":3808},[2030,2034,2068],"margin-right:0.1389em;",[1979,3810,3585],{"className":3811,"style":3701},[2030,2034],[1979,3813,2476],{"className":3814},[2577],[1979,3816,3818,3821],{"className":3817},[2030],[1979,3819,2178],{"className":3820},[2030,2034],[1979,3822,3824],{"className":3823},[2039],[1979,3825,3827,3847],{"className":3826},[2043,2044],[1979,3828,3830,3844],{"className":3829},[2048],[1979,3831,3833],{"className":3832,"style":2053},[2052],[1979,3834,3835,3838],{"style":3725},[1979,3836],{"className":3837,"style":2061},[2060],[1979,3839,3841],{"className":3840},[2065,2066,2067,2068],[1979,3842,3625],{"className":3843},[2030,2068],[1979,3845,2076],{"className":3846},[2075],[1979,3848,3850],{"className":3849},[2048],[1979,3851,3853],{"className":3852,"style":2083},[2052],[1979,3854],{},[1979,3856,2487],{"className":3857},[2603],[1793,3859,3860],{},"中文解释：公式背后的经济含义是连续动态对冲，而不是“正态分布套公式”。",[3091,3862,3864],{"id":3863},"put-call-parity","Put-Call Parity",[1793,3866,3867],{},"欧式看涨和看跌期权满足：",[1979,3869,3871],{"className":3870},[2445],[1979,3872,3874,3917],{"className":3873},[1982],[1979,3875,3877],{"className":3876},[1986],[1988,3878,3879],{"xmlns":1990,"display":2454},[1992,3880,3881,3914],{},[1995,3882,3883,3885,3887,3889,3901,3903,3906,3908],{},[2001,3884,2249],{},[2468,3886,2470],{},[2001,3888,3111],{},[3601,3890,3891,3893],{},[2001,3892,3605],{},[1995,3894,3895,3897,3899],{},[2468,3896,3254],{},[2001,3898,2484],{},[2001,3900,3614],{},[2468,3902,2490],{},[2001,3904,3905],{},"P",[2468,3907,2470],{},[1998,3909,3910,3912],{},[2001,3911,2003],{},[2005,3913,2007],{},[2009,3915,3916],{"encoding":2011},"C+Ke^{-rT}=P+S_0",[1979,3918,3920,3939,3995,4013],{"className":3919,"ariaHidden":2017},[2016],[1979,3921,3923,3927,3930,3933,3936],{"className":3922},[2021],[1979,3924],{"className":3925,"style":3926},[2025],"height:0.7667em;vertical-align:-0.0833em;",[1979,3928,2249],{"className":3929,"style":2270},[2030,2034],[1979,3931],{"className":3932,"style":2556},[2555],[1979,3934,2470],{"className":3935},[2560],[1979,3937],{"className":3938,"style":2556},[2555],[1979,3940,3942,3945,3948,3986,3989,3992],{"className":3941},[2021],[1979,3943],{"className":3944,"style":3786},[2025],[1979,3946,3111],{"className":3947,"style":2270},[2030,2034],[1979,3949,3951,3954],{"className":3950},[2030],[1979,3952,3605],{"className":3953},[2030,2034],[1979,3955,3957],{"className":3956},[2039],[1979,3958,3960],{"className":3959},[2043],[1979,3961,3963],{"className":3962},[2048],[1979,3964,3966],{"className":3965,"style":3786},[2052],[1979,3967,3968,3971],{"style":3789},[1979,3969],{"className":3970,"style":2061},[2060],[1979,3972,3974],{"className":3973},[2065,2066,2067,2068],[1979,3975,3977,3980,3983],{"className":3976},[2030,2068],[1979,3978,3254],{"className":3979},[2030,2068],[1979,3981,2484],{"className":3982,"style":2599},[2030,2034,2068],[1979,3984,3614],{"className":3985,"style":3808},[2030,2034,2068],[1979,3987],{"className":3988,"style":2607},[2555],[1979,3990,2490],{"className":3991},[2611],[1979,3993],{"className":3994,"style":2607},[2555],[1979,3996,3998,4001,4004,4007,4010],{"className":3997},[2021],[1979,3999],{"className":4000,"style":3926},[2025],[1979,4002,3905],{"className":4003,"style":3808},[2030,2034],[1979,4005],{"className":4006,"style":2556},[2555],[1979,4008,2470],{"className":4009},[2560],[1979,4011],{"className":4012,"style":2556},[2555],[1979,4014,4016,4019],{"className":4015},[2021],[1979,4017],{"className":4018,"style":2026},[2025],[1979,4020,4022,4025],{"className":4021},[2030],[1979,4023,2003],{"className":4024,"style":2035},[2030,2034],[1979,4026,4028],{"className":4027},[2039],[1979,4029,4031,4051],{"className":4030},[2043,2044],[1979,4032,4034,4048],{"className":4033},[2048],[1979,4035,4037],{"className":4036,"style":2053},[2052],[1979,4038,4039,4042],{"style":2056},[1979,4040],{"className":4041,"style":2061},[2060],[1979,4043,4045],{"className":4044},[2065,2066,2067,2068],[1979,4046,2007],{"className":4047},[2030,2068],[1979,4049,2076],{"className":4050},[2075],[1979,4052,4054],{"className":4053},[2048],[1979,4055,4057],{"className":4056,"style":2083},[2052],[1979,4058],{},[1793,4060,4061],{},"中文解释：左边是看涨加无风险债券，右边是看跌加股票；到期支付完全相同，因此今天同价。",[3091,4063,4064],{"id":4064},"希腊字母",[1793,4066,4067],{},"希腊字母衡量期权价格对不同变量的敏感性。",[1804,4069,4070,4079],{},[1807,4071,4072],{},[1810,4073,4074,4076],{},[1813,4075,4064],{},[1813,4077,4078],{},"含义",[1820,4080,4081,4089,4097,4105,4113],{},[1810,4082,4083,4086],{},[1825,4084,4085],{},"Delta",[1825,4087,4088],{},"标的价格变化对期权价格的影响",[1810,4090,4091,4094],{},[1825,4092,4093],{},"Gamma",[1825,4095,4096],{},"Delta 对标的价格的敏感性",[1810,4098,4099,4102],{},[1825,4100,4101],{},"Vega",[1825,4103,4104],{},"波动率变化对期权价格的影响",[1810,4106,4107,4110],{},[1825,4108,4109],{},"Theta",[1825,4111,4112],{},"时间流逝对期权价格的影响",[1810,4114,4115,4118],{},[1825,4116,4117],{},"Rho",[1825,4119,4120],{},"利率变化对期权价格的影响",[1800,4122,4124],{"id":4123},"例子单期二叉树定价","例子：单期二叉树定价",[1793,4126,4127],{},"股票今天 100，一期后上涨到 120 或下跌到 90。无风险利率为 5%，执行价为 100 的看涨期权到期支付为：",[1979,4129,4131],{"className":4130},[2445],[1979,4132,4134,4173],{"className":4133},[1982],[1979,4135,4137],{"className":4136},[1986],[1988,4138,4139],{"xmlns":1990,"display":2454},[1992,4140,4141,4170],{},[1995,4142,4143,4149,4151,4154,4157,4160,4166,4168],{},[1998,4144,4145,4147],{},[2001,4146,2249],{},[2001,4148,2105],{},[2468,4150,2490],{},[2005,4152,4153],{},"20",[2468,4155,4156],{"separator":2017},",",[2555,4158],{"width":4159},"1em",[1998,4161,4162,4164],{},[2001,4163,2249],{},[2001,4165,2178],{},[2468,4167,2490],{},[2005,4169,2007],{},[2009,4171,4172],{"encoding":2011},"C_u=20,\\quad C_d=0",[1979,4174,4176,4231,4301],{"className":4175,"ariaHidden":2017},[2016],[1979,4177,4179,4182,4222,4225,4228],{"className":4178},[2021],[1979,4180],{"className":4181,"style":2026},[2025],[1979,4183,4185,4188],{"className":4184},[2030],[1979,4186,2249],{"className":4187,"style":2270},[2030,2034],[1979,4189,4191],{"className":4190},[2039],[1979,4192,4194,4214],{"className":4193},[2043,2044],[1979,4195,4197,4211],{"className":4196},[2048],[1979,4198,4200],{"className":4199,"style":2136},[2052],[1979,4201,4202,4205],{"style":2285},[1979,4203],{"className":4204,"style":2061},[2060],[1979,4206,4208],{"className":4207},[2065,2066,2067,2068],[1979,4209,2105],{"className":4210},[2030,2034,2068],[1979,4212,2076],{"className":4213},[2075],[1979,4215,4217],{"className":4216},[2048],[1979,4218,4220],{"className":4219,"style":2083},[2052],[1979,4221],{},[1979,4223],{"className":4224,"style":2607},[2555],[1979,4226,2490],{"className":4227},[2611],[1979,4229],{"className":4230,"style":2607},[2555],[1979,4232,4234,4238,4241,4245,4249,4252,4292,4295,4298],{"className":4233},[2021],[1979,4235],{"className":4236,"style":4237},[2025],"height:0.8778em;vertical-align:-0.1944em;",[1979,4239,4153],{"className":4240},[2030],[1979,4242,4156],{"className":4243},[4244],"mpunct",[1979,4246],{"className":4247,"style":4248},[2555],"margin-right:1em;",[1979,4250],{"className":4251,"style":3422},[2555],[1979,4253,4255,4258],{"className":4254},[2030],[1979,4256,2249],{"className":4257,"style":2270},[2030,2034],[1979,4259,4261],{"className":4260},[2039],[1979,4262,4264,4284],{"className":4263},[2043,2044],[1979,4265,4267,4281],{"className":4266},[2048],[1979,4268,4270],{"className":4269,"style":2209},[2052],[1979,4271,4272,4275],{"style":2285},[1979,4273],{"className":4274,"style":2061},[2060],[1979,4276,4278],{"className":4277},[2065,2066,2067,2068],[1979,4279,2178],{"className":4280},[2030,2034,2068],[1979,4282,2076],{"className":4283},[2075],[1979,4285,4287],{"className":4286},[2048],[1979,4288,4290],{"className":4289,"style":2083},[2052],[1979,4291],{},[1979,4293],{"className":4294,"style":2607},[2555],[1979,4296,2490],{"className":4297},[2611],[1979,4299],{"className":4300,"style":2607},[2555],[1979,4302,4304,4308],{"className":4303},[2021],[1979,4305],{"className":4306,"style":4307},[2025],"height:0.6444em;",[1979,4309,2007],{"className":4310},[2030],[1793,4312,4313],{},"风险中性概率满足：",[1979,4315,4317],{"className":4316},[2445],[1979,4318,4320,4408],{"className":4319},[1982],[1979,4321,4323],{"className":4322},[1986],[1988,4324,4325],{"xmlns":1990,"display":2454},[1992,4326,4327,4405],{},[1995,4328,4329,4331,4333,4377,4379,4400,4402],{},[2001,4330,3179],{},[2468,4332,2490],{},[3221,4334,4335,4361],{},[1995,4336,4337,4339,4341,4343,4345,4347,4353,4355],{},[2468,4338,2476],{"stretchy":2475},[2005,4340,2479],{},[2468,4342,2470],{},[2001,4344,2484],{},[2468,4346,2487],{"stretchy":2475},[1998,4348,4349,4351],{},[2001,4350,2003],{},[2005,4352,2007],{},[2468,4354,3254],{},[1998,4356,4357,4359],{},[2001,4358,2003],{},[2001,4360,2178],{},[1995,4362,4363,4369,4371],{},[1998,4364,4365,4367],{},[2001,4366,2003],{},[2001,4368,2105],{},[2468,4370,3254],{},[1998,4372,4373,4375],{},[2001,4374,2003],{},[2001,4376,2178],{},[2468,4378,2490],{},[3221,4380,4381,4391],{},[1995,4382,4383,4386,4388],{},[2005,4384,4385],{},"105",[2468,4387,3254],{},[2005,4389,4390],{},"90",[1995,4392,4393,4396,4398],{},[2005,4394,4395],{},"120",[2468,4397,3254],{},[2005,4399,4390],{},[2468,4401,2490],{},[2005,4403,4404],{},"0.5",[2009,4406,4407],{"encoding":2011},"q=\\frac{(1+r)S_0-S_d}{S_u-S_d}=\\frac{105-90}{120-90}=0.5",[1979,4409,4411,4429,4702,4803],{"className":4410,"ariaHidden":2017},[2016],[1979,4412,4414,4417,4420,4423,4426],{"className":4413},[2021],[1979,4415],{"className":4416,"style":3191},[2025],[1979,4418,3179],{"className":4419,"style":3195},[2030,2034],[1979,4421],{"className":4422,"style":2607},[2555],[1979,4424,2490],{"className":4425},[2611],[1979,4427],{"className":4428,"style":2607},[2555],[1979,4430,4432,4436,4693,4696,4699],{"className":4431},[2021],[1979,4433],{"className":4434,"style":4435},[2025],"height:2.263em;vertical-align:-0.836em;",[1979,4437,4439,4442,4690],{"className":4438},[2030],[1979,4440],{"className":4441},[2577,3342],[1979,4443,4445],{"className":4444},[3221],[1979,4446,4448,4681],{"className":4447},[2043,2044],[1979,4449,4451,4678],{"className":4450},[2048],[1979,4452,4455,4552,4560],{"className":4453,"style":4454},[2052],"height:1.427em;",[1979,4456,4457,4460],{"style":3358},[1979,4458],{"className":4459,"style":3362},[2060],[1979,4461,4463,4503,4506,4509,4512],{"className":4462},[2030],[1979,4464,4466,4469],{"className":4465},[2030],[1979,4467,2003],{"className":4468,"style":2035},[2030,2034],[1979,4470,4472],{"className":4471},[2039],[1979,4473,4475,4495],{"className":4474},[2043,2044],[1979,4476,4478,4492],{"className":4477},[2048],[1979,4479,4481],{"className":4480,"style":2136},[2052],[1979,4482,4483,4486],{"style":2056},[1979,4484],{"className":4485,"style":2061},[2060],[1979,4487,4489],{"className":4488},[2065,2066,2067,2068],[1979,4490,2105],{"className":4491},[2030,2034,2068],[1979,4493,2076],{"className":4494},[2075],[1979,4496,4498],{"className":4497},[2048],[1979,4499,4501],{"className":4500,"style":2083},[2052],[1979,4502],{},[1979,4504],{"className":4505,"style":2556},[2555],[1979,4507,3254],{"className":4508},[2560],[1979,4510],{"className":4511,"style":2556},[2555],[1979,4513,4515,4518],{"className":4514},[2030],[1979,4516,2003],{"className":4517,"style":2035},[2030,2034],[1979,4519,4521],{"className":4520},[2039],[1979,4522,4524,4544],{"className":4523},[2043,2044],[1979,4525,4527,4541],{"className":4526},[2048],[1979,4528,4530],{"className":4529,"style":2209},[2052],[1979,4531,4532,4535],{"style":2056},[1979,4533],{"className":4534,"style":2061},[2060],[1979,4536,4538],{"className":4537},[2065,2066,2067,2068],[1979,4539,2178],{"className":4540},[2030,2034,2068],[1979,4542,2076],{"className":4543},[2075],[1979,4545,4547],{"className":4546},[2048],[1979,4548,4550],{"className":4549,"style":2083},[2052],[1979,4551],{},[1979,4553,4554,4557],{"style":3383},[1979,4555],{"className":4556,"style":3362},[2060],[1979,4558],{"className":4559,"style":3391},[3390],[1979,4561,4562,4565],{"style":3394},[1979,4563],{"className":4564,"style":3362},[2060],[1979,4566,4568,4571,4574,4577,4580,4583,4586,4589,4629,4632,4635,4638],{"className":4567},[2030],[1979,4569,2476],{"className":4570},[2577],[1979,4572,2479],{"className":4573},[2030],[1979,4575],{"className":4576,"style":2556},[2555],[1979,4578,2470],{"className":4579},[2560],[1979,4581],{"className":4582,"style":2556},[2555],[1979,4584,2484],{"className":4585,"style":2599},[2030,2034],[1979,4587,2487],{"className":4588},[2603],[1979,4590,4592,4595],{"className":4591},[2030],[1979,4593,2003],{"className":4594,"style":2035},[2030,2034],[1979,4596,4598],{"className":4597},[2039],[1979,4599,4601,4621],{"className":4600},[2043,2044],[1979,4602,4604,4618],{"className":4603},[2048],[1979,4605,4607],{"className":4606,"style":2053},[2052],[1979,4608,4609,4612],{"style":2056},[1979,4610],{"className":4611,"style":2061},[2060],[1979,4613,4615],{"className":4614},[2065,2066,2067,2068],[1979,4616,2007],{"className":4617},[2030,2068],[1979,4619,2076],{"className":4620},[2075],[1979,4622,4624],{"className":4623},[2048],[1979,4625,4627],{"className":4626,"style":2083},[2052],[1979,4628],{},[1979,4630],{"className":4631,"style":2556},[2555],[1979,4633,3254],{"className":4634},[2560],[1979,4636],{"className":4637,"style":2556},[2555],[1979,4639,4641,4644],{"className":4640},[2030],[1979,4642,2003],{"className":4643,"style":2035},[2030,2034],[1979,4645,4647],{"className":4646},[2039],[1979,4648,4650,4670],{"className":4649},[2043,2044],[1979,4651,4653,4667],{"className":4652},[2048],[1979,4654,4656],{"className":4655,"style":2209},[2052],[1979,4657,4658,4661],{"style":2056},[1979,4659],{"className":4660,"style":2061},[2060],[1979,4662,4664],{"className":4663},[2065,2066,2067,2068],[1979,4665,2178],{"className":4666},[2030,2034,2068],[1979,4668,2076],{"className":4669},[2075],[1979,4671,4673],{"className":4672},[2048],[1979,4674,4676],{"className":4675,"style":2083},[2052],[1979,4677],{},[1979,4679,2076],{"className":4680},[2075],[1979,4682,4684],{"className":4683},[2048],[1979,4685,4688],{"className":4686,"style":4687},[2052],"height:0.836em;",[1979,4689],{},[1979,4691],{"className":4692},[2603,3342],[1979,4694],{"className":4695,"style":2607},[2555],[1979,4697,2490],{"className":4698},[2611],[1979,4700],{"className":4701,"style":2607},[2555],[1979,4703,4705,4708,4794,4797,4800],{"className":4704},[2021],[1979,4706],{"className":4707,"style":3335},[2025],[1979,4709,4711,4714,4791],{"className":4710},[2030],[1979,4712],{"className":4713},[2577,3342],[1979,4715,4717],{"className":4716},[3221],[1979,4718,4720,4783],{"className":4719},[2043,2044],[1979,4721,4723,4780],{"className":4722},[2048],[1979,4724,4726,4749,4757],{"className":4725,"style":3355},[2052],[1979,4727,4728,4731],{"style":3358},[1979,4729],{"className":4730,"style":3362},[2060],[1979,4732,4734,4737,4740,4743,4746],{"className":4733},[2030],[1979,4735,4395],{"className":4736},[2030],[1979,4738],{"className":4739,"style":2556},[2555],[1979,4741,3254],{"className":4742},[2560],[1979,4744],{"className":4745,"style":2556},[2555],[1979,4747,4390],{"className":4748},[2030],[1979,4750,4751,4754],{"style":3383},[1979,4752],{"className":4753,"style":3362},[2060],[1979,4755],{"className":4756,"style":3391},[3390],[1979,4758,4759,4762],{"style":3394},[1979,4760],{"className":4761,"style":3362},[2060],[1979,4763,4765,4768,4771,4774,4777],{"className":4764},[2030],[1979,4766,4385],{"className":4767},[2030],[1979,4769],{"className":4770,"style":2556},[2555],[1979,4772,3254],{"className":4773},[2560],[1979,4775],{"className":4776,"style":2556},[2555],[1979,4778,4390],{"className":4779},[2030],[1979,4781,2076],{"className":4782},[2075],[1979,4784,4786],{"className":4785},[2048],[1979,4787,4789],{"className":4788,"style":3413},[2052],[1979,4790],{},[1979,4792],{"className":4793},[2603,3342],[1979,4795],{"className":4796,"style":2607},[2555],[1979,4798,2490],{"className":4799},[2611],[1979,4801],{"className":4802,"style":2607},[2555],[1979,4804,4806,4809],{"className":4805},[2021],[1979,4807],{"className":4808,"style":4307},[2025],[1979,4810,4404],{"className":4811},[2030],[1793,4813,4814],{},"期权价格为：",[1979,4816,4818],{"className":4817},[2445],[1979,4819,4821,4868],{"className":4820},[1982],[1979,4822,4824],{"className":4823},[1986],[1988,4825,4826],{"xmlns":1990,"display":2454},[1992,4827,4828,4865],{},[1995,4829,4830,4836,4838,4860,4862],{},[1998,4831,4832,4834],{},[2001,4833,2249],{},[2005,4835,2007],{},[2468,4837,2490],{},[3221,4839,4840,4857],{},[1995,4841,4842,4844,4847,4849,4851,4853,4855],{},[2005,4843,4404],{},[2468,4845,4846],{},"×",[2005,4848,4153],{},[2468,4850,2470],{},[2005,4852,4404],{},[2468,4854,4846],{},[2005,4856,2007],{},[2005,4858,4859],{},"1.05",[2468,4861,2490],{},[2005,4863,4864],{},"9.52",[2009,4866,4867],{"encoding":2011},"C_0=\\frac{0.5\\times20+0.5\\times0}{1.05}=9.52",[1979,4869,4871,4926,5041],{"className":4870,"ariaHidden":2017},[2016],[1979,4872,4874,4877,4917,4920,4923],{"className":4873},[2021],[1979,4875],{"className":4876,"style":2026},[2025],[1979,4878,4880,4883],{"className":4879},[2030],[1979,4881,2249],{"className":4882,"style":2270},[2030,2034],[1979,4884,4886],{"className":4885},[2039],[1979,4887,4889,4909],{"className":4888},[2043,2044],[1979,4890,4892,4906],{"className":4891},[2048],[1979,4893,4895],{"className":4894,"style":2053},[2052],[1979,4896,4897,4900],{"style":2285},[1979,4898],{"className":4899,"style":2061},[2060],[1979,4901,4903],{"className":4902},[2065,2066,2067,2068],[1979,4904,2007],{"className":4905},[2030,2068],[1979,4907,2076],{"className":4908},[2075],[1979,4910,4912],{"className":4911},[2048],[1979,4913,4915],{"className":4914,"style":2083},[2052],[1979,4916],{},[1979,4918],{"className":4919,"style":2607},[2555],[1979,4921,2490],{"className":4922},[2611],[1979,4924],{"className":4925,"style":2607},[2555],[1979,4927,4929,4933,5032,5035,5038],{"className":4928},[2021],[1979,4930],{"className":4931,"style":4932},[2025],"height:2.0074em;vertical-align:-0.686em;",[1979,4934,4936,4939,5029],{"className":4935},[2030],[1979,4937],{"className":4938},[2577,3342],[1979,4940,4942],{"className":4941},[3221],[1979,4943,4945,5020],{"className":4944},[2043,2044],[1979,4946,4948,5017],{"className":4947},[2048],[1979,4949,4951,4962,4970],{"className":4950,"style":3355},[2052],[1979,4952,4953,4956],{"style":3358},[1979,4954],{"className":4955,"style":3362},[2060],[1979,4957,4959],{"className":4958},[2030],[1979,4960,4859],{"className":4961},[2030],[1979,4963,4964,4967],{"style":3383},[1979,4965],{"className":4966,"style":3362},[2060],[1979,4968],{"className":4969,"style":3391},[3390],[1979,4971,4972,4975],{"style":3394},[1979,4973],{"className":4974,"style":3362},[2060],[1979,4976,4978,4981,4984,4987,4990,4993,4996,4999,5002,5005,5008,5011,5014],{"className":4977},[2030],[1979,4979,4404],{"className":4980},[2030],[1979,4982],{"className":4983,"style":2556},[2555],[1979,4985,4846],{"className":4986},[2560],[1979,4988],{"className":4989,"style":2556},[2555],[1979,4991,4153],{"className":4992},[2030],[1979,4994],{"className":4995,"style":2556},[2555],[1979,4997,2470],{"className":4998},[2560],[1979,5000],{"className":5001,"style":2556},[2555],[1979,5003,4404],{"className":5004},[2030],[1979,5006],{"className":5007,"style":2556},[2555],[1979,5009,4846],{"className":5010},[2560],[1979,5012],{"className":5013,"style":2556},[2555],[1979,5015,2007],{"className":5016},[2030],[1979,5018,2076],{"className":5019},[2075],[1979,5021,5023],{"className":5022},[2048],[1979,5024,5027],{"className":5025,"style":5026},[2052],"height:0.686em;",[1979,5028],{},[1979,5030],{"className":5031},[2603,3342],[1979,5033],{"className":5034,"style":2607},[2555],[1979,5036,2490],{"className":5037},[2611],[1979,5039],{"className":5040,"style":2607},[2555],[1979,5042,5044,5047],{"className":5043},[2021],[1979,5045],{"className":5046,"style":4307},[2025],[1979,5048,4864],{"className":5049},[2030],[1793,5051,5052],{},"这里 0.5 不是股票真实上涨概率，而是能使股票期望收益等于无风险利率的风险中性概率。",[1800,5054,5056],{"id":5055},"可运行例题风险中性定价与复制必须一致","可运行例题：风险中性定价与复制必须一致",[1793,5058,5059],{},"同一个单期期权既可以用风险中性期望，也可以用 delta 与借贷复制。两条路径若对不上，通常是现金流时点或贴现写错。",[5061,5062],"pyodide",{"code64":5063,"layout":5064,"locale":7,"title":5065},"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\u002FlgLrliLjlpLTlr7g9e2JvbmRfcGF5b2ZmOi4yZn0iKQpwcmludChmIuWkjeWItuaIkOacrD17cmVwbGljYXRpb25fcHJpY2U6LjRmfSIpCmFzc2VydCBhYnMocmlza19uZXV0cmFsX3ByaWNlIC0gcmVwbGljYXRpb25fcHJpY2UpIDwgMWUtMTA=","vertical","Python：单期看涨期权的两种定价",[1793,5067,5068,5072],{},[5069,5070,5071],"code",{},"bond_payoff"," 为负表示借款。真实市场的离散对冲、跳跃、交易成本和波动率变化会让复制出现误差；模型价格是给定假设下的无套利基准。",[1800,5074,5075],{"id":5075},"学习顺序建议",[1804,5077,5078,5091],{},[1807,5079,5080],{},[1810,5081,5082,5085,5088],{},[1813,5083,5084],{},"小节",[1813,5086,5087],{},"先抓住的问题",[1813,5089,5090],{},"需要特别留意",[1820,5092,5093,5103,5114,5125,5135,5146,5157,5168],{},[1810,5094,5095,5097,5100],{},[1825,5096,1827],{},[1825,5098,5099],{},"复制组合如何给期权定价",[1825,5101,5102],{},"Delta、风险中性概率",[1810,5104,5105,5108,5111],{},[1825,5106,5107],{},"7.2 Black-Scholes",[1825,5109,5110],{},"连续时间复制如何得到闭式公式",[1825,5112,5113],{},"假设条件、波动率",[1810,5115,5116,5119,5122],{},[1825,5117,5118],{},"7.3 希腊字母",[1825,5120,5121],{},"期权风险如何分解",[1825,5123,5124],{},"动态对冲、Gamma 风险",[1810,5126,5127,5129,5132],{},[1825,5128,1851],{},[1825,5130,5131],{},"如何从市场价格反推波动率",[1825,5133,5134],{},"微笑、偏斜、期限结构",[1810,5136,5137,5140,5143],{},[1825,5138,5139],{},"7.5 奇异期权",[1825,5141,5142],{},"路径依赖和复杂支付如何处理",[1825,5144,5145],{},"蒙特卡洛、障碍、亚式",[1810,5147,5148,5151,5154],{},[1825,5149,5150],{},"7.6 美式期权",[1825,5152,5153],{},"提前行权价值如何定价",[1825,5155,5156],{},"行权边界、LSM",[1810,5158,5159,5162,5165],{},[1825,5160,5161],{},"7.7 随机波动率",[1825,5163,5164],{},"波动率随机变化如何建模",[1825,5166,5167],{},"Heston、SABR、校准",[1810,5169,5170,5173,5176],{},[1825,5171,5172],{},"7.8 跳跃扩散",[1825,5174,5175],{},"尾部跳跃如何进入价格",[1825,5177,5178],{},"厚尾、短期期权",[1800,5180,5181],{"id":5181},"常见错误与考试陷阱",[1870,5183,5184,5191,5197,5203,5209],{},[1873,5185,5186,5190],{},[5187,5188,5189],"strong",{},"把风险中性概率当成真实概率","：它是定价概率，不是预测概率。",[1873,5192,5193,5196],{},[5187,5194,5195],{},"忽略期权价格边界","：若价格违反上下界或 put-call parity，说明存在套利。",[1873,5198,5199,5202],{},[5187,5200,5201],{},"认为 Black-Scholes 只需要代公式","：公式成立依赖动态复制和强假设。",[1873,5204,5205,5208],{},[5187,5206,5207],{},"混淆 Delta 对冲和无风险","：Delta 对冲只在小幅、短时变化下近似中性，Gamma 和波动率风险仍存在。",[1873,5210,5211,5214],{},[5187,5212,5213],{},"把隐含波动率当成未来实现波动率的无偏预测","：隐含波动率包含风险溢价和供需压力。",[1800,5216,5217],{"id":5217},"自测题",[1870,5219,5220,5223,5226,5229],{},[1873,5221,5222],{},"为什么期权价格可以在不使用真实上涨概率的情况下确定？",[1873,5224,5225],{},"写出 put-call parity，并解释两边组合为什么到期支付相同。",[1873,5227,5228],{},"一个看涨期权 Delta 为 0.6，Gamma 为正。标的上涨后，Delta 通常如何变化？",[1873,5230,5231],{},"为什么虚值看跌期权的隐含波动率常常高于平值期权？",[1800,5233,5234],{"id":5234},"答案指引",[1870,5236,5237,5240,5866,5869],{},[1873,5238,5239],{},"若能用股票和无风险资产复制期权支付，无套利要求两者今天价格相同；真实概率影响股票预期收益，但不影响复制关系。",[1873,5241,5242,5429,5430,5578,5579,5764,5765,5865],{},[1979,5243,5245,5286],{"className":5244},[1982],[1979,5246,5248],{"className":5247},[1986],[1988,5249,5250],{"xmlns":1990},[1992,5251,5252,5284],{},[1995,5253,5254,5256,5258,5260,5272,5274,5276,5278],{},[2001,5255,2249],{},[2468,5257,2470],{},[2001,5259,3111],{},[3601,5261,5262,5264],{},[2001,5263,3605],{},[1995,5265,5266,5268,5270],{},[2468,5267,3254],{},[2001,5269,2484],{},[2001,5271,3614],{},[2468,5273,2490],{},[2001,5275,3905],{},[2468,5277,2470],{},[1998,5279,5280,5282],{},[2001,5281,2003],{},[2005,5283,2007],{},[2009,5285,3916],{"encoding":2011},[1979,5287,5289,5307,5365,5383],{"className":5288,"ariaHidden":2017},[2016],[1979,5290,5292,5295,5298,5301,5304],{"className":5291},[2021],[1979,5293],{"className":5294,"style":3926},[2025],[1979,5296,2249],{"className":5297,"style":2270},[2030,2034],[1979,5299],{"className":5300,"style":2556},[2555],[1979,5302,2470],{"className":5303},[2560],[1979,5305],{"className":5306,"style":2556},[2555],[1979,5308,5310,5314,5317,5356,5359,5362],{"className":5309},[2021],[1979,5311],{"className":5312,"style":5313},[2025],"height:0.8413em;",[1979,5315,3111],{"className":5316,"style":2270},[2030,2034],[1979,5318,5320,5323],{"className":5319},[2030],[1979,5321,3605],{"className":5322},[2030,2034],[1979,5324,5326],{"className":5325},[2039],[1979,5327,5329],{"className":5328},[2043],[1979,5330,5332],{"className":5331},[2048],[1979,5333,5335],{"className":5334,"style":5313},[2052],[1979,5336,5338,5341],{"style":5337},"top:-3.063em;margin-right:0.05em;",[1979,5339],{"className":5340,"style":2061},[2060],[1979,5342,5344],{"className":5343},[2065,2066,2067,2068],[1979,5345,5347,5350,5353],{"className":5346},[2030,2068],[1979,5348,3254],{"className":5349},[2030,2068],[1979,5351,2484],{"className":5352,"style":2599},[2030,2034,2068],[1979,5354,3614],{"className":5355,"style":3808},[2030,2034,2068],[1979,5357],{"className":5358,"style":2607},[2555],[1979,5360,2490],{"className":5361},[2611],[1979,5363],{"className":5364,"style":2607},[2555],[1979,5366,5368,5371,5374,5377,5380],{"className":5367},[2021],[1979,5369],{"className":5370,"style":3926},[2025],[1979,5372,3905],{"className":5373,"style":3808},[2030,2034],[1979,5375],{"className":5376,"style":2556},[2555],[1979,5378,2470],{"className":5379},[2560],[1979,5381],{"className":5382,"style":2556},[2555],[1979,5384,5386,5389],{"className":5385},[2021],[1979,5387],{"className":5388,"style":2026},[2025],[1979,5390,5392,5395],{"className":5391},[2030],[1979,5393,2003],{"className":5394,"style":2035},[2030,2034],[1979,5396,5398],{"className":5397},[2039],[1979,5399,5401,5421],{"className":5400},[2043,2044],[1979,5402,5404,5418],{"className":5403},[2048],[1979,5405,5407],{"className":5406,"style":2053},[2052],[1979,5408,5409,5412],{"style":2056},[1979,5410],{"className":5411,"style":2061},[2060],[1979,5413,5415],{"className":5414},[2065,2066,2067,2068],[1979,5416,2007],{"className":5417},[2030,2068],[1979,5419,2076],{"className":5420},[2075],[1979,5422,5424],{"className":5423},[2048],[1979,5425,5427],{"className":5426,"style":2083},[2052],[1979,5428],{},"。到期时左边支付 ",[1979,5431,5433,5473],{"className":5432},[1982],[1979,5434,5436],{"className":5435},[1986],[1988,5437,5438],{"xmlns":1990},[1992,5439,5440,5470],{},[1995,5441,5442,5445,5448,5450,5456,5458,5460,5462,5464,5466,5468],{},[2001,5443,5444],{},"max",[2468,5446,5447],{},"⁡",[2468,5449,2476],{"stretchy":2475},[1998,5451,5452,5454],{},[2001,5453,2003],{},[2001,5455,3614],{},[2468,5457,3254],{},[2001,5459,3111],{},[2468,5461,4156],{"separator":2017},[2005,5463,2007],{},[2468,5465,2487],{"stretchy":2475},[2468,5467,2470],{},[2001,5469,3111],{},[2009,5471,5472],{"encoding":2011},"\\max(S_T-K,0)+K",[1979,5474,5476,5539,5569],{"className":5475,"ariaHidden":2017},[2016],[1979,5477,5479,5482,5486,5489,5530,5533,5536],{"className":5478},[2021],[1979,5480],{"className":5481,"style":2570},[2025],[1979,5483,5444],{"className":5484},[5485],"mop",[1979,5487,2476],{"className":5488},[2577],[1979,5490,5492,5495],{"className":5491},[2030],[1979,5493,2003],{"className":5494,"style":2035},[2030,2034],[1979,5496,5498],{"className":5497},[2039],[1979,5499,5501,5522],{"className":5500},[2043,2044],[1979,5502,5504,5519],{"className":5503},[2048],[1979,5505,5508],{"className":5506,"style":5507},[2052],"height:0.3283em;",[1979,5509,5510,5513],{"style":2056},[1979,5511],{"className":5512,"style":2061},[2060],[1979,5514,5516],{"className":5515},[2065,2066,2067,2068],[1979,5517,3614],{"className":5518,"style":3808},[2030,2034,2068],[1979,5520,2076],{"className":5521},[2075],[1979,5523,5525],{"className":5524},[2048],[1979,5526,5528],{"className":5527,"style":2083},[2052],[1979,5529],{},[1979,5531],{"className":5532,"style":2556},[2555],[1979,5534,3254],{"className":5535},[2560],[1979,5537],{"className":5538,"style":2556},[2555],[1979,5540,5542,5545,5548,5551,5554,5557,5560,5563,5566],{"className":5541},[2021],[1979,5543],{"className":5544,"style":2570},[2025],[1979,5546,3111],{"className":5547,"style":2270},[2030,2034],[1979,5549,4156],{"className":5550},[4244],[1979,5552],{"className":5553,"style":3422},[2555],[1979,5555,2007],{"className":5556},[2030],[1979,5558,2487],{"className":5559},[2603],[1979,5561],{"className":5562,"style":2556},[2555],[1979,5564,2470],{"className":5565},[2560],[1979,5567],{"className":5568,"style":2556},[2555],[1979,5570,5572,5575],{"className":5571},[2021],[1979,5573],{"className":5574,"style":2406},[2025],[1979,5576,3111],{"className":5577,"style":2270},[2030,2034],"，右边支付 ",[1979,5580,5582,5624],{"className":5581},[1982],[1979,5583,5585],{"className":5584},[1986],[1988,5586,5587],{"xmlns":1990},[1992,5588,5589,5621],{},[1995,5590,5591,5593,5595,5597,5599,5601,5607,5609,5611,5613,5615],{},[2001,5592,5444],{},[2468,5594,5447],{},[2468,5596,2476],{"stretchy":2475},[2001,5598,3111],{},[2468,5600,3254],{},[1998,5602,5603,5605],{},[2001,5604,2003],{},[2001,5606,3614],{},[2468,5608,4156],{"separator":2017},[2005,5610,2007],{},[2468,5612,2487],{"stretchy":2475},[2468,5614,2470],{},[1998,5616,5617,5619],{},[2001,5618,2003],{},[2001,5620,3614],{},[2009,5622,5623],{"encoding":2011},"\\max(K-S_T,0)+S_T",[1979,5625,5627,5651,5718],{"className":5626,"ariaHidden":2017},[2016],[1979,5628,5630,5633,5636,5639,5642,5645,5648],{"className":5629},[2021],[1979,5631],{"className":5632,"style":2570},[2025],[1979,5634,5444],{"className":5635},[5485],[1979,5637,2476],{"className":5638},[2577],[1979,5640,3111],{"className":5641,"style":2270},[2030,2034],[1979,5643],{"className":5644,"style":2556},[2555],[1979,5646,3254],{"className":5647},[2560],[1979,5649],{"className":5650,"style":2556},[2555],[1979,5652,5654,5657,5697,5700,5703,5706,5709,5712,5715],{"className":5653},[2021],[1979,5655],{"className":5656,"style":2570},[2025],[1979,5658,5660,5663],{"className":5659},[2030],[1979,5661,2003],{"className":5662,"style":2035},[2030,2034],[1979,5664,5666],{"className":5665},[2039],[1979,5667,5669,5689],{"className":5668},[2043,2044],[1979,5670,5672,5686],{"className":5671},[2048],[1979,5673,5675],{"className":5674,"style":5507},[2052],[1979,5676,5677,5680],{"style":2056},[1979,5678],{"className":5679,"style":2061},[2060],[1979,5681,5683],{"className":5682},[2065,2066,2067,2068],[1979,5684,3614],{"className":5685,"style":3808},[2030,2034,2068],[1979,5687,2076],{"className":5688},[2075],[1979,5690,5692],{"className":5691},[2048],[1979,5693,5695],{"className":5694,"style":2083},[2052],[1979,5696],{},[1979,5698,4156],{"className":5699},[4244],[1979,5701],{"className":5702,"style":3422},[2555],[1979,5704,2007],{"className":5705},[2030],[1979,5707,2487],{"className":5708},[2603],[1979,5710],{"className":5711,"style":2556},[2555],[1979,5713,2470],{"className":5714},[2560],[1979,5716],{"className":5717,"style":2556},[2555],[1979,5719,5721,5724],{"className":5720},[2021],[1979,5722],{"className":5723,"style":2026},[2025],[1979,5725,5727,5730],{"className":5726},[2030],[1979,5728,2003],{"className":5729,"style":2035},[2030,2034],[1979,5731,5733],{"className":5732},[2039],[1979,5734,5736,5756],{"className":5735},[2043,2044],[1979,5737,5739,5753],{"className":5738},[2048],[1979,5740,5742],{"className":5741,"style":5507},[2052],[1979,5743,5744,5747],{"style":2056},[1979,5745],{"className":5746,"style":2061},[2060],[1979,5748,5750],{"className":5749},[2065,2066,2067,2068],[1979,5751,3614],{"className":5752,"style":3808},[2030,2034,2068],[1979,5754,2076],{"className":5755},[2075],[1979,5757,5759],{"className":5758},[2048],[1979,5760,5762],{"className":5761,"style":2083},[2052],[1979,5763],{},"，两者都等于 ",[1979,5766,5768,5798],{"className":5767},[1982],[1979,5769,5771],{"className":5770},[1986],[1988,5772,5773],{"xmlns":1990},[1992,5774,5775,5795],{},[1995,5776,5777,5779,5781,5783,5789,5791,5793],{},[2001,5778,5444],{},[2468,5780,5447],{},[2468,5782,2476],{"stretchy":2475},[1998,5784,5785,5787],{},[2001,5786,2003],{},[2001,5788,3614],{},[2468,5790,4156],{"separator":2017},[2001,5792,3111],{},[2468,5794,2487],{"stretchy":2475},[2009,5796,5797],{"encoding":2011},"\\max(S_T,K)",[1979,5799,5801],{"className":5800,"ariaHidden":2017},[2016],[1979,5802,5804,5807,5810,5813,5853,5856,5859,5862],{"className":5803},[2021],[1979,5805],{"className":5806,"style":2570},[2025],[1979,5808,5444],{"className":5809},[5485],[1979,5811,2476],{"className":5812},[2577],[1979,5814,5816,5819],{"className":5815},[2030],[1979,5817,2003],{"className":5818,"style":2035},[2030,2034],[1979,5820,5822],{"className":5821},[2039],[1979,5823,5825,5845],{"className":5824},[2043,2044],[1979,5826,5828,5842],{"className":5827},[2048],[1979,5829,5831],{"className":5830,"style":5507},[2052],[1979,5832,5833,5836],{"style":2056},[1979,5834],{"className":5835,"style":2061},[2060],[1979,5837,5839],{"className":5838},[2065,2066,2067,2068],[1979,5840,3614],{"className":5841,"style":3808},[2030,2034,2068],[1979,5843,2076],{"className":5844},[2075],[1979,5846,5848],{"className":5847},[2048],[1979,5849,5851],{"className":5850,"style":2083},[2052],[1979,5852],{},[1979,5854,4156],{"className":5855},[4244],[1979,5857],{"className":5858,"style":3422},[2555],[1979,5860,3111],{"className":5861,"style":2270},[2030,2034],[1979,5863,2487],{"className":5864},[2603],"。",[1873,5867,5868],{},"Gamma 为正表示标的价格上升时 Delta 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