Options, Sunspots, and the Creation of Uncertainty
通过两个例子说明，引入期权市场可能创造原本不存在的太阳黑子均衡，即使市场原本完备，期权也可能非冗余，反而增加代理人希望规避风险的事件数量。
The authors present two examples in which the addition of an option market leads to sunspot equilibria despite the fact that no sunspot equilibria exist without the market. These examples highlight limitations in two prevalent views of option markets. It is often assumed that option markets help complete otherwise incomplete markets. The authors demonstrate that they can instead increase the number of events agents wish to insure against. As in Fischer Black and Myron Scholes (1973), it is often assumed that option markets are redundant. The authors demonstrate that an option market may not be redundant even when markets were complete before its introduction. Copyright 1997 by the University of Chicago.