NO.PZ2016031201000012
问题如下：
Which of the following characteristics is least likely to be a benefit associated with using derivatives?
选项：
A.
More effective management of risk
B.
Payoffs similar to those associated with the underlying
C.
Greater opportunities to go short compared with the spot market
解释：
B is correct.
One of the benefits of derivative markets is that derivatives create trading strategies not otherwise possible in the underlying spot market, thus providing opportunities for more effective risk management than simply replicating the payoff of the underlying.
A is incorrect because effective risk management is one of the primary purposes associated with derivative markets. C is incorrect because one of the operational advantages associated with derivatives is that it is easier to go short compared to the underlying spot market.
中文解析：
本题问的是以下选项哪个不是优点。
A选项说，衍生品市场可以更有效的管理风险，这确实是它的优点。对应了讲义上的第一条优点：Risk allocation, transfer and management.
C选项的意思是，衍生品市场比现货市场有更多做空的机会。这也是它的优点之一，对应了讲义上第三点operational advantages.
我们再来看B选项，衍生品并不是用来复制基础资产头寸的payoff的，它们的payoff是不一样的。比如你手上有一个股票，价格为20， 担心股票 价格下降，long put，put执行价格为18。 期末股票价格下降到10，现货的payoff=-10,但put option payoff=8，两者是不一样的。因此选B。
根据解析中的例子，怎么求出put option payoff=8呢？ Put option :pay off max(0,X/ST ) 20-18 =2 我的理解如上，请问我这里哪里出错了呢?
