在Book 5的55页提到了Real Option, 这个到底是什么样的option啊，看不太懂。。。。。求高手解释！
Real options under uncertainty.
producers are holding valuable real options— options to produce or not to produce—and will not exercise them unless the spot prices start to climb up. Production occurs only if discounted futures prices are below spot prices, and backwardation results if the risk of future prices is sufficiently high. A major consequence of a downward- sloping term structure of futures prices is the opportunity to capture a positive roll return as investment in expiring contracts is moved to cheaper new outstanding contracts. | 
发表于 2011-5-24 13:38
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