The Option Element in Contracting

IF 2.4 2区社会学 Q1 LAW Virginia Law Review Pub Date : 2004-12-01 DOI:10.2307/1515643

A. Katz

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引用次数: 6

Abstract

I. THE IMPORTANCE OF OPTION CONTRACTS ............................ 2191 A. Special Doctrinal Treatment of Option Contracts............ 2192 1. Consideration and Mutuality........................................ 2192 2. Offer and Acceptance.................................................... 2196 3. Performance, Breach, and Damages ........................... 2198 a. Anticipatory Repudiation ....................................... 2198 b. Duty to Mitigate....................................................... 2199 c. Liquidated Damages and Penalties ....................... 2200 B. Remedial Rules Generally................................................... 2201 II. A THEORETICAL ACCOUNT OF OPTION DESIGN.................... 2205 A. Three Essential Terms: Option Premium, Strike Price, and Option Life ................................................................... 2205 B. The Relationship Among Option Premium, Strike Price, and Option Life ................................................................... 2207 C. Efficient Option Design ...................................................... 2211 III. DETERMINANTS OF COMPARATIVE ADVANTAGE IN OPTIONS TRADING..................................................................... 2212 A. Nonefficiency Considerations............................................. 2212 1. Bounded Rationality ..................................................... 2212 2. Market Exclusion .......................................................... 2214 3. Regulatory Arbitrage..................................................... 2216 B. Efficiency Considerations ................................................... 2217 1. Differential Beliefs About the Future or Differential Risk Aversion................................................................. 2217 2. Ex Post Incentives ......................................................... 2218 C. Mixed Explanations............................................................. 2221 1. Ex Ante Information Signaling .................................... 2222

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合同中的选项元素

即期权合约的重要性 ............................2191 A。期权合约的特殊理论处理............2192年1。考虑和相互关系 ........................................2192 2。要约和承诺 ....................................................2196 3。性能、违约和赔偿 ...........................2198年,预期否定 .......................................减轻2198 b。的责任 .......................................................2199 c。违约金和罚款 .......................2200 b .补救规则一般 ...................................................2201二世。选择设计的理论解释 ....................2205 A。三个基本条件:期权溢价,执行价格,选择生活 ...................................................................2205 b .期权溢价之间的关系,执行价格,选择生活 ...................................................................2207 c有效的选择设计 ......................................................2211 III。在期权交易比较优势的决定因素 .....................................................................2212 A。Nonefficiency注意事项 .............................................2212年1。有限理性 .....................................................2212 2。市场排斥 ..........................................................2214 3。监管套利 .....................................................2216 b效率的考虑 ...................................................2217年1。微分对未来的信仰或微分风险规避 .................................................................2217 2。事后激励 .........................................................2218 c混合的解释 .............................................................2221年1。事前信息的信号 ....................................2222

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来源期刊

Virginia Law Review LAW-

CiteScore

2.70

自引率

3.80%

发文量

期刊介绍： The Virginia Law Review is a journal of general legal scholarship published by the students of the University of Virginia School of Law. The continuing objective of the Virginia Law Review is to publish a professional periodical devoted to legal and law-related issues that can be of use to judges, practitioners, teachers, legislators, students, and others interested in the law. First formally organized on April 23, 1913, the Virginia Law Review today remains one of the most respected and influential student legal periodicals in the country.

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