麻烦帮忙翻译成英文,不要电脑翻译的,拜托。非常感谢。

发布网友发布时间：2023-06-19 22:53

共3个回答

热心网友时间：2023-09-30 23:36

Black - Scholes model has the advantages of simple calculation, pricing is reasonable and reliable. In practice, the strict assumptions when the actual situation and the model is not consistent, need only be applied on the model of adjustment can be simple. Without the use of pricing model is more complex, so are widely used.
Black - Scholes model is: first, the transaction cost hypothesis. The B-S model assumes that the transaction cost is 0, continuously dynamic hedging, so as to ensure the correctness of the risk-free portfolio and option pricing. But in fact, the transaction cost is always an objective existence, which makes investors not to hedge, at the desired frequency and at the same time, the theory of price and the expected return, after considering transaction costs can not be achieved; secondly, the volatility is constant false. The B-S model assumes that the underlying asset volatility is a known constant or a known function identified, denied this point empirically in the underlying asset price inspection, option market itself reflects the implied volatility is also presented evidence to the contrary. In fact, volatility is itself a random variable; thirdly, uncertain parameters. The B-S model assumes that the volatility, interest, dividends and other parameters are known constants or determine the function of known. But in fact, they are not a constant, even to the time and the price of the underlying asset, not a deterministic function, volatility and even cannot be observed in the market, also cannot be predicted; finally, continuous asset price changes. The B-S model assumes that the price of the underlying asset is a continuous variable and lognormal distribution. However, in the real market, discontinuities are common, often jump in asset prices, and often is, this is not reflected in the asset pricing model of log-normal distribution, the normal distribution, the sudden change of too much, too frequent occurrence; at the same time, because the jump come too suddenly, making it impossible to rely solely on the lognormal diffusion model for dynamic hedging on them. Therefore, it needs to consider jumping in the model, but also need to examine the difference results in extreme changes may lead to.

热心网友时间：2023-09-30 23:36

Black-scholes model advantage is calculation is relatively simple, the pricing is reasonable and reliable. In practice, when the actual situation and the model of strict assumptions do not agree, just a model to do a simple adjustment can be applied. Don't need to use more complex pricing model, so widely used. Black-scholes model shortcomings are: first, transaction cost hypothesis. B - S model assumes that the transaction cost is zero, can be continuous dynamic hedging, to ensure the correctness of the existence of the risk-free portfolio and option pricing. But, in fact, the transaction cost is objective existence, which makes investors cannot frequency hedging to want, at the same time, the price of theoretically possible and its expected returns, and consider the transaction cost
纯手打望楼主采纳

热心网友时间：2023-09-30 23:37

你在这上面问市徒劳，不会有人花3小时的时间来帮你的。