南水北调东线工程水期权交易及其定价模型

提出将美式看跌水期权模式应用于南水北调东线工程水权交易市场，农业用水户运用二叉树定价模型对美式看跌期权各个阶段水价的波动以及期权价值进行分析，以做出对自身有益的决策。结果表明，南水北调东线工程水期权交易及其定价模型有利于激励节水灌溉技术的推广。

Water rights option transaction and pricing model for Eastern Route of South-to-North Water Diversion Project

The American water rights put option model was applied to the water rights transaction market of the Eastern Route of the South-to-North Water Diversion Project .Agricultural water users used the binary tree pricing model to analyze the fluctuations of water price at various stages and the value of the American put option , in order to make decisions for their own benefit .This study shows that the water rights option transaction of the Eastern Route of South-to-North Water Diversion Project and the pricing model can contribute to the promotion of water-saving irrigation technology .