在风险中性的假设下求证Black-scholes公式

Deriving the Black-Scholes Formula with the Risk-neutral Hypothesis

Black-scholes期权定价公式的推导过程相当复杂,需要用到随机过程和求解随机微分方程等较高深的数学工具,本文将在风险中性的假设下给出两种Black-scholes期权定价公式的简洁推导方法,使得具有概率统计和微积分基本知识的读者也能理解并欣赏这一公式的导出过程。

The derivation of Black-Scholes option pricing formula is very complicated, and it needs some advanced mathematical knowledge such as stochastic process, stochastic differential equation. This paper provides two kinds of simple methods of deriving Black-Scholes option pricing formula with the risk-neutral hypothesis that enable more readers only with elementary probability theory and integral calculus to understand.