Options on the Spot and Options on Futures
分析并比较了同一资产上的现货期权与期货期权的估值差异，发现对于无中期支付的现金工具（如黄金），现货看涨期权价值小于期货看涨期权，看跌期权则相反，并比较了提前执行边界。
ABSTRACT This paper analyzes and compares the valuation of two types of options that relate to the same asset: options on the asset itself and options on the futures on the asset. The early exercise privilege plays a central role in explaining the differences between the values of the two options. It is shown that in the case of a cash instrument that does not make interim payments, such as gold, the value of a call option on the spot is smaller than the call option on the futures contract; the opposite is true for put options. The early exercise boundaries, which characterize when it pays to exercise, are also compared and analyzed.