???????????????(the science and technique of valuation and risk management)

1
??? ??
2
???????

• ???????????????(the science and technique of
  valuation and risk management)
• ?????????????????????,???????????????

3
?????????

• ????????????????????????
• ????????????????????????????????
• ???????????????????????????????

4
??????????

• ?????????????(underlying asset price)?????(underly
  ing variable)???
• ??,?????(index options)?????????(interest-sensitiv
  e securities)?????????(security with credit
  risk)??????(structured products)??????(real
  options)?????(catastrophe bonds)??

5
????

• ??
• ??????
• ??????????Black and Scholes???
• ?????????????????????????
• ????????????
• ????????????????????????

6
????(Cont)

• ??????????????
• ???????????????
• ??????????????
• ??????????
• ????????????
• Black and Scholes?????

7
????

• ????????????????????????????????
• ????????????????,???????????????????,???????
• ?Black-Scholes(1973)??????????????,????????????

8
????(Cont)

• ????Merton???Vasicek???????????????????????????
• ??????????????????????????????????????
• ?????????????????????????????????????????
• ??Microsoft Office?Excel????(worksheet)?VBA(Visual
  Basic Applications)??????????????