, defuse the crisis of impossible frontier, present the negative price of European call option pricing by beta, and point out …

English Abstract: The fundamental pricing theory of derivatives is based on the assumptions of arbitrage-free and …-free markets is a necessary condition for the legitimacy of risk-neutral pricing, and that a condition of complete markets is for …

discover a new pricing method, the semi-equilibrium pricing method, which first solves the optimal portfolios of investors …. This step is consistent with the equilibrium pricing method, but the second step of semi-equilibrium pricing method uses … Pricing Model) formula is not an equilibrium pricing formula, but a semi-equilibrium pricing formula: When the CAPM formula is …

English Abstract: The risk dogma believes that asset price is determined by a certain risk, while equilibrium pricing … time series betas and market betas, and that the risk dogma deviates from the wholeness thinking of equilibrium pricing and … treats the pricing of individual securities in isolation. Finally, by analyzing the impact of changes in asset's payoff on …