NO.PZ2018062007000094
问题如下：
The buyer of an option has a contingent claim in the sense that the option creates:
选项：
A.a right.
B.an obligation.
C. a linear payoff with respect to gains and losses of the underlying.
解释：
A is correct. A contingent claim, a derivative in which the outcome or payoff depends on the outcome or payoff of an underlying asset, has come to be associated with a right, but not an obligation, to make a final payment contingent on the performance of the underlying.
B is incorrect because an option, as a contingent claim, grants the right but not the obligation to buy or sell the underlying at a later date.
C is incorrect because the holder of an option has a choice of whether to exercise the option. This choice creates a payoff that transforms the underlying payoff in a more pronounced manner than does a forward, futures, or swap, which provide linear payoffs. Options are different in that they limit losses in one direction.
中文解析：
期权作为一种或有主张，授予了在以后的日期购买或出售标的的权利，而不是义务。
因为期权持有人可以选择是否行权。与提供线性回报的远期、期货或互换相比，这种选择创造了一种回报，这种回报以更明显的方式改变了基础回报。期权的不同之处在于它们在一个方向上限制损失，因此不是线性的回报。C错。
RT
