                                                    647

       $100    
 .     $100,      .
   $100,      $100   , 
 .        -
     ,  $100.    
    .    
       $100  . 
,     ,   .  -
      (  ),  -
     , ,  
  .

()    ()   

S $100 


	^	F\
/		Kf
3 $100	$200 0 $100 $20

$100
 

$100
 

. 20.3.     

 . 20.3 ()        $100
 .     $100,      . 
  $100,    ,   $100  , 
 , ,  ,   ,   
   $100      .   
   ,  ,      
  .       
     $100  .

   . 20.3 ,      
 ,          
,   ,        
   .     , -
  , Z\\ $200     (intrinsic value) -
 . ,  ,   Z,   0 
    .

         . 20.3 -
   IV,  IV,,.  :

IV. =  {0,^, - };                         (20. la)
IV = max{0,?- ^.},                         (20.16)

 ,           . ( 
,          -
.)

    . 20.3().     -
   (20.1)   {, , - $100},      $100.