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,,,Black2Scholes,2080,,,Black2Scholes,,,,,,,,,Pinegarwilbricht176,6114%,,,2:(1),;(2),,,,(Premium):?,?A,(),,,,,,;,,,,,,,,,,,,;,,,,,,,,,,,,1.:1),,2),,,:,55124720057Vol124,No17143;2.Black2Scholes1)Black2Scholesc=SN(d1)-Ke-rtN(d2)p=Ke-rtN(-d2)-SN(-d1)d1=lnSK+r+22ttd2=lnSK+r-22ttN(d1),N(d2)C,Black2ScholesKS,S=(l+);K=;t=();2=;y==-,CtKr2C=C(K,t,2,r)2),17%,11%,9%,012,,10%,4%,1,VBlack2Scholes:r=17%-11%=6%;S=V10%1106=V10160%;K=V9%;t=1;2=0104;y=(11%-10%)V=1%,d1=111181,d2=d1-t=019181N(111181)=N(1111)+0181[N(1112)-N(1111)]=018682,N(019181)=N(0191)+0181[N(0192)-N(0191)]=018207Black2Scholes,C=SN(d1)-Ke-rtN(d2)C=V[1016%N(d1)-9%e-rtN(d2)]=V2111%Jensen,,,,,,,,,:,,,;,,,Jensen,,,,,,,,,,()(),,,K3,,,,K,KZF,fncgd,C,:F(K,Z)=f(K,z)+n(K)+c(K)+g(K)+d(K)-C(K,t,2,r),5n5K0,5c5K0,5f5K0,5f5Z0,5C5K0,5g5K0,5d5K05F5K=0,K3,,,Black2Scholes,,,1.JohnC1Hull...,20002....,20003...,2005,(3)4.,.:.,2004,(11)5.Joseph1P,Frank1C,Philip1FAdvancedCorporateFinance.,2004,,:,:,:65124720057Vol124,No17143