Replication
[옵션의 공정가격](https://texonom.com/95f10088a2d84cc2bd0d1cf7a7e9ca91) [위험중립측도](https://texonom.com/b51b649cc0964b07836057d4f0ab2c3b) [Put Call Parity](https://texonom.com/put-call-parity-917a03bb91ea4fcf8682fdce51bd4677) 


옵션을 현금과 주식으로
연립방정식으로 푼다
payoff가 같다는 말

상품 복제 Replication 한다는 건 만기때의 payoff 일치시키는 것
만기시 가치
> ![](https://www.notion.so/image/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fsecure.notion-static.com%2F189dff22-a8ca-4dc8-9923-936344de55e2%2FUntitled.png?table=block&id=af42bdc1-d678-48dc-84e8-0d6a86485964&cache=v2)

> ![](https://www.notion.so/image/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fsecure.notion-static.com%2F9183d264-a7b5-4e14-ac1b-d019dc24b129%2FUntitled.png?table=block&id=e1eacdd4-d65d-4a0f-a0f2-7eed22c7df29&cache=v2)

> ![](https://www.notion.so/image/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fsecure.notion-static.com%2Fa6083d73-f1f7-4985-bcd6-d2b40c6594a9%2FUntitled.png?table=block&id=05d9cfef-c259-48e8-a3dc-d96991dba06f&cache=v2)
> [Delta Hedging](https://texonom.com/delta-hedging-80bfbd0d13884992943d2f5babacb790) 하는 x
> ![](https://www.notion.so/image/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fsecure.notion-static.com%2F84bd7740-bb86-45a9-b865-69e2ff47b570%2FUntitled.png?table=block&id=05a10b7e-f99a-453e-be76-8af0800252ea&cache=v2)
> x, y만 구하면 된

> 
> 결화적으로 $V_0(A) = S_0 x + y$구할수 있는데 이게 [옵션의 공정가격](https://texonom.com/95f10088a2d84cc2bd0d1cf7a7e9ca91) 

![](https://www.notion.so/image/https%3A%2F%2Fs3-us-west-2.amazonaws.com%2Fsecure.notion-static.com%2Fdf7d2fef-70c0-4ea1-90d5-f961ebc9eb5f%2FUntitled.png?table=block&id=70fdcdfa-2b2b-4b55-85ca-c6ebb239fa9c&cache=v2)

이때 사용하는 확률질량 p tilda를 위험확률측도라고 함






