The Valuation of Sequential Exchange Opportunities
用现代期权定价理论中的复合交换期权概念，对序列交换机会进行估值，推导出估值公式并展示其应用。
ABSTRACT Sequential exchange opportunities are valued using the techniques of modern option‐pricing theory. The vehicle for analysis is the concept of a compound exchange option. This security is shown to exist implicitly in several contractual settings. A valuation formula for this option is derived. The formula is shown to generalize much previous work in option pricing. Several applications of the formula are presented.