The Value of Wildcard Options
提供了一种简单方法评估衍生品合约中嵌入的野牌期权价值，并以S&P 100指数期权为例，证明野牌期权占其价值的显著部分。
Wildcard options are embedded in many derivative contracts. They arise when the settlement price of the contract is established before the time at which the wildcard option holder must declare his intention to make or accept delivery and the exercise of the wildcard option closes out the underlying asset position. This paper provides a simple method for valuing wildcard options and illustrates the technique by valuing the sequence of wildcard options embedded in the S&P 100 index (OEX) option contract. The results show that wildcard options can account for an economically significant fraction of OEX option value.