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Risk Quantification - Early History of Option Pricing


  • Jaroslav Brada


The article reminds of the world of futures contracts closed between subjects in the Austrian-Hungarian economic space in the period of ca. 1986-1914; an approach to the pricing of option contracts more than 100 years ago is elucidated. The form of a phenomenon of that time that will be called call-put parity in the future is explained. The author describes the procedure of option contract pricing in the form as it was known to our ancestors; this is the reason why he does not use mathematically formalised notation that was developed later.

Suggested Citation

  • Jaroslav Brada, 2005. "Risk Quantification - Early History of Option Pricing," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2005(1), pages 35-46.
  • Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:1:id:128:p:35-46

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    References listed on IDEAS

    1. Bijan B. Aghevli & Eduardo Borensztein & Tessa Van der Willigen, 1992. "Stabilization and Structural Reform in the Czech and Slovak Federal Republic; First Stage," IMF Occasional Papers 92, International Monetary Fund.
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    More about this item


    option pricing; Prague Stock Exchange; option contracts;

    JEL classification:

    • G19 - Financial Economics - - General Financial Markets - - - Other
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913


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