制定和鞅定价理论

中文字数4955,  页数8  英文字数3020,页数9

 The revolution in trading and pricing derivative securities began in the early 1970’s. In 1973, the Chicago Board of Options Exchange started the trading of options in exchanges, though options had been regularly traded by financial institutions in the over-the-counter markets in earlier years. In the same year, Black and Scholes(1973) and Merton (1973) published their seminal papers on the theory of optionpricing. Since then the field of financial engineering has grown phenomenally. The Black–Scholes–Merton risk neutrality formulation of the option pricing theory is attractive because the pricing formula of a derivative deduced from their model is a function of several directly observable parameters (except one, which is the volatility parameter). The derivative can be priced as if the market price of the underlying asset’s risk is zero. When judged by its ability to explain the empirical data, the optionpricing theory is  widely acclaimed to be the most successful theory not only in finance, but in all areas of economics. In recognition of their pioneering and fundamental contributions to the pricing theory of derivatives, Scholes and Merton were awarded the 1997 Nobel Prize in Economics.

 交易和衍生证券定价的革命开始在70年代初期。 1973年，芝加哥期货交易所委员会开始期权交易贸易，虽然期权在早期的场外贸易市场经常被金融机构频繁的交易。同年，布莱克和斯科尔斯（ 1973 ）和默顿（ 1973 ）发表了他们有关optionpricing理论的开创性范文。自那时以来，金融工程领域开始平稳的发展。是的Black - Scholes -默顿风险公正的说明了期权定价理论是有吸引力的，因为从他的模型推导出来的定价准则是一个能直接观察到几个特性的功能（除了一个不能直接观察到，就是波动特性）。衍生工具可以定价就像市场价格的相关资产的风险是零。当通过他的能力来断定来解释实证数据的时候， optionpricing理论被广泛赞誉为最成功的理论，不仅金融领域，在各个经济领域也如此。为了表彰他们的开创精神和对这定价理论的衍生物的重要贡献，斯科尔斯和默顿被授予1997年诺贝尔经济学奖。

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