Americal options analyzed differently

In this note we analyze in a discrete-time context and with a finite outcome space
American options starting with the idea that every tradable should be a martingale
under a certain measure. We believe that in this way American options become
more understandable to people with a good working knowledge of European options
and a basic understanding of stochastic processes in discrete-time. Invariably
we will assume that the underlying market is complete.

	03E10.pdf

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