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1、CHAPTER21atradinggameInthisChapter...?Asimplegamesimulatingtradinginoptions21.1INTRODUCTIONAlotofpeoplereadingthisbookwillneverhavetradedoptionsorevenstocks.InthischapterIdescribeaverysimpletradinggamesothatagroupofpeoplecantryouttheirskillwithoutlosi
2、ngtheirshirts.Thegameisbasedonthatbyoneofmyex-students,DavidEpstein.21.2AIMSTheaimsofthisgamearetofamiliarizestudentswiththebasicmarket-tradedderivativecontractsandtopromoteanunderstandingoftheconceptsinvolvedintrading,suchasbid,offer,arbitrageandliqu
3、idity.21.3OBJECTOFTHEGAMETomakemoremoneythanyouropponents.Afterthe?nalroundoftrading,eachplayersumsuptheirpro?tsandlosses.Theplayerwhohasmadethemostpro?tisthewinner.21.4RULESOFTHEGAME1.Oneperson(possiblyalecturer)isthegameorganizerandinchargeofchoosin
4、gthetypesofcontractsavailablefortrading,thenumberandlengthofthetradingrounds,judginganydisputesandjollyingthegamealongduringslackperiods.2.Thetradinggametakesplaceoveranumberofrounds.Attheendofeachround,asix-sideddieisthrown.Afterthelastround,the‘shar
5、eprice’isdeemedtobethesumofallofthedierolls.3.Tradedcontractsmayincludesomeorallofforwards,callsandputsatthediscretionoftheorganizer(Figure21.1).Theorganizermustalsodecidewhatexercisepricesareavailableforcallorputoptions.360PartOnemathematicaland?nanc
6、ialfoundations1510Forward50051015202530?5?10?15Asset1510Call50051015202530Asset1510Put50051015202530AssetFigure21.1Availablecontracts.4.Allcontractsexpireattheendofthe?nalround.Thesettlementvalueofeachtradedcontractcanthenbedeterminedbysubstitutingthe
7、sharepriceintotheappropriateformula.Aplayer’spro?tsandlossesoneachtradecanthenbecalculatedandtheresultantpro?t/lossistheir?nalscore.5.Duringaround,playerscanoffertobuyorsellanyofthetradedcontracts.Ifanotherplayerchoosestotakethemupontheiroffer,thenthe
8、dealisagreedandbothpartiesmustrecordthetransactionontheirtradingsheet.atradinggameChapter213616.Adealonacontractmustincludethefollowinginformation:?Forward:Forwardpriceandquantity?CallorPut:Typeofoption(callorput),exerciseprice,costandquantity
