OPTION PRICING ON RENEWABLE COMMODITY MARKETS
针对谷物或牲畜等价格会回归生产成本的商品市场，提出了一个封闭式期权定价模型，并指出传统模型会高估这些市场的长期期权价格。
Practitioners Abstract: The paper motivates and proposes a closed form option pricing model for markets such as grains or livestock where the price level can be expected to revert to expected production costs. The model suggests that traditional option pricing models will overprice long term options on these markets.