论文标题
黑色至负面：商品市场的嵌入式可选性
Black to Negative: Embedded optionalities in commodities markets
论文作者
论文摘要
我们解决了本应具有正价的商品的建模，但由于物理交付机制可能发生故障，可能不会。这是通过将“交货责任”选项明确纳入合同中来完成的。因此，这是对已建立的黑色模型的简单概括。
We address the modelling of commodities that are supposed to have positive price but, on account of a possible failure in the physical delivery mechanism, may turn out not to. This is done by explicitly incorporating a `delivery liability' option into the contract. As such it is a simple generalisation of the established Black model.
