638                                                    20

20.1.3    

        (put option).    -
       
           -
.    ,   ,   -
 ,   :

1) ,     ;

2)   ;

3)   ,    (  );

4) ,      ,   -
.



 ,     W     -
 .       100   XYZ
 tVno S30        .  -
   XYZ     $35  .  , 
, ,     XYZ    
  .  W,  ,   
   XYZ,  :      $30   .

 ,           Widget,  W
  ,  ,     .    ,
   XYZ    $30.     
    $30   ,       . ,
  XYZ   $20,       W
 $3000 ($30  100 )  ,     $2000 ($20  100 ).  
   $1000 ($3000 - $2000).       $1000,
  XYZ    $2000     ^ $3000.

      ,      -
     (),    -
      .       ,  
   ( ,  )    -
     .       , 
        ,  
  .

      ,  
      .    -
          
      ,   -
      .    -
 ,          
    .      -
,      .

 ,    ,       
  .      100   XYZ 
  $30     2  1   
     200 .      $15.  ,
        .

 

           
.       9    -