菜鸟请教Passport期权的定义

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自己下了两篇论文，感觉没说明白。小弟不愿当伸手党，迫于老师明天要提问，时间来不及，请求达人告知Passport期权最简单、直白的解释。多谢，多谢。

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关键词：Sport Port Pass pas SPO 论文

http://www.wilmottwiki.com/wiki/index.php?title=Passport_option

Passport option
A passport option is a call option on the trading account of an individual trader, giving the holder the amount in his trading account at expiration if it is positive, or zero if it is negative. They are also called perfect trader options. The terms of the contract will specify what the underlying asset is that the trader is allowed to trade, his maximum long and short position, how frequently he can trade and for how long. To price these contracts requires knowledge of stochastic control theory. The governing partial differential equation is easily solved by finite differences. Since the trader very quickly moves into or out of the money, the option is usually hedged with vanilla options after a while.

免亏 option?