{"title":"合同中的选项元素","authors":"A. Katz","doi":"10.2307/1515643","DOIUrl":null,"url":null,"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","PeriodicalId":47840,"journal":{"name":"Virginia Law Review","volume":"90 1","pages":"2187"},"PeriodicalIF":2.4000,"publicationDate":"2004-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2307/1515643","citationCount":"6","resultStr":"{\"title\":\"The Option Element in Contracting\",\"authors\":\"A. Katz\",\"doi\":\"10.2307/1515643\",\"DOIUrl\":null,\"url\":null,\"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\",\"PeriodicalId\":47840,\"journal\":{\"name\":\"Virginia Law Review\",\"volume\":\"90 1\",\"pages\":\"2187\"},\"PeriodicalIF\":2.4000,\"publicationDate\":\"2004-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.2307/1515643\",\"citationCount\":\"6\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Virginia Law Review\",\"FirstCategoryId\":\"90\",\"ListUrlMain\":\"https://doi.org/10.2307/1515643\",\"RegionNum\":2,\"RegionCategory\":\"社会学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"LAW\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Virginia Law Review","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.2307/1515643","RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"LAW","Score":null,"Total":0}
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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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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