老师lower bound这块我自己想了一下又，您看看我理解的对不对？如图（和本题无关），假设欧式看涨期权，标的是股票，执行价￥10，现在涨到￥15，还没有到期，在t时间点，我想把这个期权卖了，所以就需要估值啊，所以我用图中的那个公式算一个lower bound 也就是这个期权最少值多少钱，假设是￥5.5，但是还没到期啊，也就是有时间价值（无限的上涨可能），所以我可能卖到￥6.5，所以￥6.5是我的估值（即 option value），而5.5是lower bound，￥1是时间价值?请问理解是否有误，还有哪些补充？

12.单选题 已收藏 标记 纠错 A European call option and a European put option are written on the same underlying, and both options have the same expiration date and exercise price. At expiration, it is possible that both options will have: A negative values. B the same value. C positive values. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：75% Factors affect the value of an option 难度：一般 推荐：      答案解析 问：A European call option and a European put option are written on the same underlying, and both options have the same expiration date and exercise price. 这里的“are written on ”和short没有关联？就是条约规范是吧？

04.单选题 已收藏 标记 纠错 A put option with an exercise price of 80 will expire in 73 days. No cash payments will be made by the underlying asset over the life of the option. If the underlying asset is at 75 and the risk-free rate of return is 5.0 percent, what are the lower bounds for an American put option and a European put option, respectively, closest to: A for an American put option is 4.22; for a European put option is 5.00. B for an American put option is 5; for a European put option is 4.22. C for an American put option is 4.22; for a European put option is 4.22. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：67% Factors affect the value of an option 难度：一般 推荐：      答案解析 问：这道题会算了。但是the lower bounds怎么翻译，是profit的意思吗？和valuation有关系吗

10.单选题 收藏 标记 纠错 What is the minimum value for a European put option? A Max(0,S-X) B Max[0,X/(1+RFR)T-S] C Max[0,S-X/(1+RFR)T] 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：81% Factors affect the value of an option 难度：一般 推荐：      答案解析 The lower bound for a European put ranges from zero to the present value of the exercise price less the prevailing stock price, where the exercise price is discounted at the risk-free rate. 问：1.为什么不考虑时间价值？2.折现应该是 T-t吧，当前时间不一定是t=0时刻？

07.单选题 已收藏 标记 纠错 Which of the following best describes an American put option on a stock? A is bounded by B can never sell for more than its intrinsic value. C will never sell for less than its intrinsic value. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：65% Factors affect the value of an option 难度：一般 推荐：      答案解析 At any time t, an American put will never sell below intrinsic value, but may sell for more than that. The lower bound is max [0, X-S]. 问：A中be bounded怎么翻译？错误的原因是什么

Holding other factors constant, the value of a European put option will most likely decrease as the: A risk-free interest rate increases. B volatility of the underlying increases. C value of the underlying increases. 查看解析 上一题 下一题 正确答案A 您的答案A本题平均正确率：55% Factors affect the value of an option 难度：一般 推荐：      答案解析 The value of a European put option will decrease as the risk-free interest rate increases. 问：C:X-S，s减小，不是value应该增大吗?所以c也对啊？

22.单选题 已收藏 标记 纠错 Which of the following related to the payoff on an interest rate option is mostly correct? A is greater the higher the “strike” rate. B comes some period after option expiration. C comes only at exercise. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：43% Option pricing-binomial model难度：一般 推荐：      答案解析 The payment of a long put increase as the strike rate increases, but will not for a call. There is only one payment and it comes after option expiration by the term of the underlying rate. 问：老师这道题是原版书后的题吗？是否超纲？基础课无涉及

为何不考虑统计误差？

老师 这个ppt里完全没有提到core-satellite approach 和 a delta-neutral hedge approach... 可以解释一下是什么吗？

老师我想问一下A选项为何不选？