英语翻译The volatility parameter can be estimated either from hi

英语翻译
The volatility parameter can be estimated either from historical data (historical volatility) or implied from the price of European options (implied volatility).In the first case,the length of the time series,the frequency and the estimation methodology may lead to different estimates.In the second case,as options differ in strike price,time to expiration and option type (call or put),which option class yields implied volatilities that are most representative of the markets’ volatility expectations,is still an open debate.Various papers have examined the predictive power of implied volatility extracted from different option classes.Christensen and Prabhala [3] examine the relation between implied and realized volatility on S&P100 options.They found that at the money calls are good predictors of future realized volatility.Christensen and Strunk [4] consider the relation between implied and realized volatility on the S&P100 options.

本文旨在价格是美国的方案在多期二项式模型认为,当存在不确定性的
波动性的资产.美式期权估价通常是根据风险中性估值模式,
利用数值程序如二项式期权定价模型的考克斯等人. [ J.C.考克斯,美国罗斯,
由鲁宾斯坦,期权定价,简化方法,金融经济学杂志7 （ 1979 ） 229-263 ] .的关键投入
在多期二项式模型的波动性资产,这是一个不可观察参数.因为它是硬
提供一个确切估计的波动,在本文中,我们使用的可能性,以便分配的不确定性模型
关于波动.可能性分布是最流行的数学工具来建立模型的不确定性.

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