科技论文英译汉Thestandard risk-neutral valuation paradigm requires the derivation of the risk-neutral probabilities,that in a one-periodbinomial model boils down to the solution of a linear system of equations.As a consequence of the uncertain

科技论文英译汉Thestandard risk-neutral valuation paradigm requires the derivation of the risk-neutral probabilities,that in a one-periodbinomial model boils down to the solution of a linear system of equations.As a consequence of the uncertain
科技论文英译汉
The
standard risk-neutral valuation paradigm requires the derivation of the risk-neutral probabilities,that in a one-period
binomial model boils down to the solution of a linear system of equations.As a consequence of the uncertainty in the volatility,
we obtain a possibility distribution on the risk-neutral probabilities.Under these measures,we perform the riskneutral
valuation of the American option.
The aim of this paper is to price an American style option when there is uncertainty on the volatility of the underlying asset.An option contract can be either European or American style depending on whether the exercise is possible only at or also before the expiry date.An European option gives the holder the right to buy or sell the underlying asset only at the expiry date of the option.On the other hand,an American option gives the holder the right to buy or sell the underlying asset at any time up to the expiry date.Therefore,in American option pricing,the likelihood of the early exercise should be carefully taken into account.American option valuation is usually performed,under the risk-neutral valuation paradigm,by using numerical procedures such as the binomial option pricing model of Cox et al.[7].A key input of the multiperiod binomial model is the volatility of the underlying asset,that is an unobservable parameter.

科技论文英译汉Thestandard risk-neutral valuation paradigm requires the derivation of the risk-neutral probabilities,that in a one-periodbinomial model boils down to the solution of a linear system of equations.As a consequence of the uncertain
标准的风险中性估值模式需要推导风险中性概率,即在一个时期二项式模型归结为解线性方程组.由于不确定性的波动,我们获得的可能性分布的风险中性概率.根据这些措施,我们执行riskneutral估价美式期权