想问一下这道题考察的知识点，总那里能看出要考察的知识点呢，谢谢！

NO.PZ2018122701000086问题如下 You are asketo mark to market a book of plain vanilla stooptions. The trar is short ep out-of-money options anlong at-the-money options. There is a pronouncesmile for these options. The trar’s bonus increases the value of his book increases. Whiapproach shoulyou use to mark the book? Use the implievolatility of at-the-money options because the estimation of the volatility is more reliable. Use the average of the implievolatilities for the traoptions for whiyou have ta because all options shoulhave the same implievolatility with Black-Scholes anyou n’t know whione is the right one. For eaoption, use the implievolatility of the most similoption traon the market. Use the historicvolatility because ing so corrects for the pricing mistakes in the option market. C is correct. 考点 ： Volatility Smile 解析 ： The prices obtainewith C are the right ones because they corresponto prices whiyou coulsell or buy the options. 如果存在波动率微笑，BSM模型还能使用吗如果无法使用，还可以用什么对期权进行估值呢，二叉树和蒙特卡洛模拟吗可是，蒙特卡洛模拟是通过发射随机数的方式，这种方法估值会用到波动率嘛

NO.PZ2018122701000086 问题如下 You are asketo mark to market a book of plain vanilla stooptions. The trar is short ep out-of-money options anlong at-the-money options. There is a pronouncesmile for these options. The trar’s bonus increases the value of his book increases. Whiapproach shoulyou use to mark the book? Use the implievolatility of at-the-money options because the estimation of the volatility is more reliable. Use the average of the implievolatilities for the traoptions for whiyou have ta because all options shoulhave the same implievolatility with Black-Scholes anyou n’t know whione is the right one. For eaoption, use the implievolatility of the most similoption traon the market. Use the historicvolatility because ing so corrects for the pricing mistakes in the option market. C is correct. 考点 ： Volatility Smile 解析 ： The prices obtainewith C are the right ones because they corresponto prices whiyou coulsell or buy the options. 如题

NO.PZ2018122701000086问题如下 You are asketo mark to market a book of plain vanilla stooptions. The trar is short ep out-of-money options anlong at-the-money options. There is a pronouncesmile for these options. The trar’s bonus increases the value of his book increases. Whiapproach shoulyou use to mark the book? Use the implievolatility of at-the-money options because the estimation of the volatility is more reliable. Use the average of the implievolatilities for the traoptions for whiyou have ta because all options shoulhave the same implievolatility with Black-Scholes anyou n’t know whione is the right one. For eaoption, use the implievolatility of the most similoption traon the market. Use the historicvolatility because ing so corrects for the pricing mistakes in the option market. C is correct. 考点 ： Volatility Smile 解析 ： The prices obtainewith C are the right ones because they corresponto prices whiyou coulsell or buy the options. 请问四个为何第二个正确，其他都是什么意思呢？题目叙述的是什么？看不懂。谢谢

NO.PZ2018122701000086 问题如下 You are asketo mark to market a book of plain vanilla stooptions. The trar is short ep out-of-money options anlong at-the-money options. There is a pronouncesmile for these options. The trar’s bonus increases the value of his book increases. Whiapproach shoulyou use to mark the book? Use the implievolatility of at-the-money options because the estimation of the volatility is more reliable. Use the average of the implievolatilities for the traoptions for whiyou have ta because all options shoulhave the same implievolatility with Black-Scholes anyou n’t know whione is the right one. For eaoption, use the implievolatility of the most similoption traon the market. Use the historicvolatility because ing so corrects for the pricing mistakes in the option market. C is correct. 考点 ： Volatility Smile 解析 ： The prices obtainewith C are the right ones because they corresponto prices whiyou coulsell or buy the options. 老师这题两个期权的组合为什么不能用historicta去定价，也是我感觉是正确的