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房价涨幅过快过高在中国房产市场已经是一个不容回避的问题.房产期权作为一种平衡买卖双方利益进行风险管理的有效工具应运而生.在Black-Scholes定价模型的基础上,考虑违约风险和交易费用这两个影响房产期权定价的重要因素,采用未定权益思想方法和△-对冲技巧建立了房产期权的定价模型,然后对模型进行求解,获得相应的数学公式,为考虑具有违约风险和交易费用影响下房产期权进行定价.
Excessive increase of house price is an unavoidable problem in China’s real estate market.As an effective tool to manage the interests of buyers and sellers, real estate options emerge as the times require.On the basis of the Black-Scholes pricing model, considering the default risk And transaction cost, which are two important factors that affect the pricing of real estate options. We use the method of undecided rights and △ - hedging techniques to establish the pricing model of real estate options, and then solve the model to obtain the corresponding mathematical formula. Transaction costs affect the pricing of real estate options.