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麻烦英语好的盆友帮忙翻译成英文。不要用电脑翻译的。谢谢

本文主要介绍了期权定价的相关理论，以及两种期权定价模型：二叉树模型和布莱克-斯科尔斯模型，并以欧式股票看跌期权为例，对二叉树模型加以应用，计算出该期权的价值。
标准化的场内期权交易仅有三十多年历史，但因期权具有良好的规避风险、风险投资、价值发现的功能，表现出灵活性和多样性的特点，使得期权成为最具活力的金融衍生产品，得到了迅速的发展和广泛的应用。期权的研究从先驱巴舍利耶到上世纪六十年代真正进入学者的视野，从B-S-M模型到神经网络等各类微分方程、动态规划和模拟，这些成果被广泛的运用于期权定价与经济和财务领域的研究。
全面认识期权理论在现实中的应用具有重要的意义。利用期权转嫁不利的不确定性是有成本的。但是在现实中一些隐性的转嫁成本却经常被忽略。合理的利用不确定性可以为企业创造价值，但这一观念没有被大多数人所认识。这些都可以归因于对期权理论的现实应用的认识不全面。有关各类期权定价的理论和方法还在不断的探讨和发展，数学的理论和方法、计算机的新技术、乃至行为和心理学的研究成果都被迅速和广泛的应用到期权定价这个领域。从诺贝尔经济学奖到每秒价值亿万的衍生品交易，期权定价这个领域就如期权本身，年轻而充满活力，必定会吸引更多的研究和关注，获得更大的发展。

Answer 1

This paper mainly introduces the theory of option pricing, and two kinds of option pricing models: two binomial tree model and the Black - Scholes model, and the European stock option as an example, the application of the two binomial tree model, the calculation of the option value.

The trading floor of standardized options only thirty years of history, but because the option with good risk avoidance, risk investment, found that the value of the function, showing the characteristics of flexibility and diversity, the option to become the most dynamic financial derivative product, has been rapidly developed and widely used. Options research from the pioneer Bachelier in the sixty's of last century into the real scholars, from the B-S-M model to the neural network and other kinds of differential equation, dynamic programming and simulation, these achievements have been widely used to study the pricing of options and the economic and financial fields.

Has the important significance of a comprehensive understanding of application of option theory in reality. Use the options on the adverse uncertainty has a cost. But in reality some implicit shift costs often overlooked. Reasonable use of uncertainty can create value for the enterprise, but this concept is not most people recognize. The understanding of these can be attributed to the real application of the option theory is not complete. Research and development continues to the theories and methods of option pricing theory and method, research on computer, mathematics, and new technology of behavior and psychology are rapidly and widely used in the field of pricing due. Nobel Prize in economics from every second billion-dollar derivatives, option pricing in this area such as options, young and full of vitality, will attract more attention and research, access to greater development.

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