[讨论]关于期权是否是零和游戏

edited

[此贴子已经被作者于2006-12-26 2:50:40编辑过]

不管是期权还是期货等别的衍生品，如果把交易双方看成一个整体，这个整体如果没有资金上的得或失，就是零和。

不知我的理解对不？

To Lz:

Not so sure on what perspective you are talking about so-called "zero-game". About derivatives, it really depends on what type of instruments you are talking about, it may or may not be a "zero-game". Admittedly, Mr. Buffett doesn't like that sh*t, but it's not necessary to say he has never used it. About this point, I can't confirm it but I personally don't believe he never used any derivative for any purpose.

"从风险管理角度看，期权应该是实现双赢，而不是表面的零和" --- Don't know where you get it, but don't think it's right.

"从衍生工具起源来看，当初正是因为管理风险的需要而产生，虽然现在功能有些改变，但是本质上还是应该以风险管理为主，买卖双方根据对收益和风险的不同态度和承受能力" ---- Agree from one way

"在转移收益的同时，也转移了风险" ---- Depends on what instrument you are talking about

"单纯的从期权收益来看，并不能得出其实际功能上的作用。从整个宏观上来看，衍生产品交易使得收益和风险在整个市场范围内再分配，促进了流动性， ----- Agree. Especially from the stability of the financial system's perspective

买卖双方都从中达到自己目标，显示是双赢的结果。 ---- Not so sure I will agree

amen633 发表于 2006-11-27 12:17
我个人认为期权不是一种零和博弈。比如说，现在持有某股票s=10yuan ,执行价格x=15元，当s1=20的时候，双方都 ...

这个不是纯期权, 这是做对冲. 就和零和博弈没关系了. 虽然我赞同你说的 期权不是零和博弈, 但是你的论点我有不同观点: 你要看你买的期权是看涨看跌, 你持有一个股票,此外还short了一个call option这是你想表达的意思吗?