分期付款期权在基于教育基金保险的期权中的应用

文献1]提出了一种基于教育基金保险的欧式看涨期权,它赋予合约持有人在约定时间以约定价格购买连续支付固定年限的教育年金保险的权利,本文在1]的基础上进一步提出基于教育基金保险的分期付款期权,该期权进一步改进了基于教育基金保险的欧式看涨期权,它赋予期权持有人分期支付期权费的权利,而不是一次性支付期权费,经过首期期权费的支付,期权持有人可以在继续支付期权费以持有期权和中断期权费的支付让期权作废之间选择,这样就可以使投资者在必要的时候取消期权,从而避免无效成本支出.该期权更加方便于低收入家庭和欲将资本用于其它高回报的投资的家庭进行教育投资.本文用后向递推和二叉树方法的方法给出期权定价公式,并确定分期支付的期权费的范围.

APPLICATION OF INSTALLMENT OPTIONS TO OPTIONS ON EDUCATION ANNUITY INSURANCE

The new option on education annuity insurance introduced by 1] gives the holder the right to buy an education annuity insurance at the predetermined price when the insurant has the offer to a university.Based on 1],in this paper we introduce installment option on education annuity insurance where the holder peoridically decides whether to keep the option alive or not(by paying the installment) and we find that this option is more convenient for lower-income family to invest for children's education.In this paper,we apply binomial method and backward method to pricing the installment option.