{"id":29924,"date":"2023-12-07T08:48:01","date_gmt":"2023-12-07T08:48:01","guid":{"rendered":"https:\/\/masterskills.org\/blog\/mo-hinh-dinh-gia-quyen-chon-tam-thuc-trinomial-option-pricing-model-la-gi.html"},"modified":"2023-12-23T06:11:01","modified_gmt":"2023-12-22T23:11:01","slug":"mo-hinh-dinh-gia-quyen-chon-tam-thuc-trinomial-option-pricing-model-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/mo-hinh-dinh-gia-quyen-chon-tam-thuc-trinomial-option-pricing-model-la-gi.html","title":{"rendered":"M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn tam th\u1ee9c (Trinomial Option Pricing Model) l\u00e0 g\u00ec?"},"content":{"rendered":"<div class=\"vnbcbc-body vceditor-content wi-active\" data-role=\"content\">\n<figure class=\"VCSortableInPreviewMode\" type=\"Photo\" style=\"\">\n<div><\/div><figcaption class=\"PhotoCMS_Caption\">\n<p data-placeholder=\"[Nh\u1eadp ch\u00fa th\u00edch \u1ea3nh]\" class=\"\">H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: static-01.hindawi.com<\/p>\n<\/figcaption><\/figure>\n<h2><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn tam th\u1ee9c<\/font><\/h2>\n<p><b>Kh\u00e1i ni\u1ec7m<\/b><\/p>\n<p><b>M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn tam th\u1ee9c<\/b> trong ti\u1ebfng Anh l\u00e0 <b>Trinomial Option Pricing Model<\/b>.<\/p>\n<p><b>M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn tam th\u1ee9c<\/b> l\u00e0 m\u1ed9t m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn k\u1ebft h\u1ee3p ba gi\u00e1 tr\u1ecb c\u00f3 th\u1ec3 c\u00f3 c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n c\u01a1 s\u1edf trong m\u1ed9t kho\u1ea3ng th\u1eddi gian. Ba gi\u00e1 tr\u1ecb n\u00e0y c\u00f3 th\u1ec3 l\u1edbn h\u01a1n, gi\u1ed1ng ho\u1eb7c nh\u1ecf h\u01a1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i.<\/p>\n<h3><font color=\"#3d85c6\" style=\"line-height: 22px; font-size: 22px;\">C\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn ph\u1ed5 bi\u1ebfn<\/font><\/h3>\n<p>Trong s\u1ed1 nhi\u1ec1u m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn,\u00a0m\u00f4 h\u00ecnh Black-Scholes\u00a0v\u00e0\u00a0m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn nh\u1ecb th\u1ee9c\u00a0l\u00e0 ph\u1ed5 bi\u1ebfn nh\u1ea5t.<\/p>\n<p><b>M\u00f4 h\u00ecnh Black Scholes<\/b> c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 m\u00f4 h\u00ecnh Black-Scholes-Merton l\u00e0 m\u00f4 h\u00ecnh bi\u1ebfn \u0111\u1ed5i gi\u00e1 theo th\u1eddi gian c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh (v\u00ed d\u1ee5 c\u1ed5 phi\u1ebfu) \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn mua ki\u1ec3u ch\u00e2u \u00c2u.<\/p>\n<p><b>M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn nh\u1ecb th\u1ee9c<\/b> l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n t\u1eeb n\u0103m 1979. M\u00f4 h\u00ecnh n\u00e0y s\u1eed d\u1ee5ng nh\u1eefng qui tr\u00ecnh l\u1eb7p t\u1ea1i c\u00e1c th\u1eddi \u0111i\u1ec3m trong giai \u0111o\u1ea1n t\u1eeb ng\u00e0y \u0111\u1ecbnh gi\u00e1 \u0111\u1ebfn ng\u00e0y \u0111\u00e1o h\u1ea1n.<\/p>\n<p><b>M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn tam th\u1ee9c<\/b> \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t b\u1edfi Phenson Boyle v\u00e0o n\u0103m 1986. M\u00f4 h\u00ecnh n\u00e0y \u0111\u01b0\u1ee3c coi l\u00e0 ch\u00ednh x\u00e1c h\u01a1n m\u00f4 h\u00ecnh nh\u1ecb th\u1ee9c v\u00e0 s\u1ebd t\u00ednh to\u00e1n ra c\u00e1c k\u1ebft qu\u1ea3 t\u01b0\u01a1ng t\u1ef1 nh\u01b0ng v\u1edbi \u00edt b\u01b0\u1edbc h\u01a1n. Tuy nhi\u00ean, m\u00f4 h\u00ecnh kh\u00f4ng ph\u1ed5 bi\u1ebfn nh\u01b0 c\u00e1c c\u00e1c m\u00f4 h\u00ecnh kh\u00e1c.<\/p>\n<h3><font style=\"line-height: 22px; font-size: 22px;\" color=\"#3d85c6\">M\u00f4 h\u00ecnh tam th\u1ee9c (Trinomial) v\u00e0 nh\u1ecb th\u1ee9c (Binomial)<\/font><\/h3>\n<p>M\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn tam th\u1ee9c kh\u00e1c v\u1edbi m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn nh\u1ecb th\u1ee9c \u1edf vi\u1ec7c k\u1ebft h\u1ee3p m\u1ed9t gi\u00e1 tr\u1ecb kh\u00e1c trong m\u1ed9t kho\u1ea3ng th\u1eddi gian.<\/p>\n<p>Trong m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn nh\u1ecb th\u1ee9c, ng\u01b0\u1eddi ta cho r\u1eb1ng gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n c\u01a1 s\u1edf s\u1ebd l\u1edbn h\u01a1n ho\u1eb7c nh\u1ecf h\u01a1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a n\u00f3. M\u1eb7t kh\u00e1c, m\u00f4 h\u00ecnh tam th\u1ee9c k\u1ebft h\u1ee3p gi\u00e1 tr\u1ecb th\u1ee9 ba, gi\u00e1 tr\u1ecb n\u00e0y kh\u00f4ng thay \u0111\u1ed5i trong m\u1ed9t kho\u1ea3ng th\u1eddi gian.<\/p>\n<p>Gi\u1ea3 \u0111\u1ecbnh n\u00e0y l\u00e0m cho m\u00f4 h\u00ecnh tam th\u1ee9c ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi c\u00e1c t\u00ecnh hu\u1ed1ng th\u1ef1c t\u1ebf, v\u00ec c\u00f3 th\u1ec3 gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u00f3 th\u1ec3 kh\u00f4ng thay \u0111\u1ed5i trong m\u1ed9t kho\u1ea3ng th\u1eddi gian, ch\u1eb3ng h\u1ea1n nh\u01b0 m\u1ed9t th\u00e1ng ho\u1eb7c m\u1ed9t n\u0103m.<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c\u00a0quy\u1ec1n ch\u1ecdn lai\u00a0ho\u1eb7c quy\u1ec1n ch\u1ecdn c\u00f3 c\u00e1c \u0111\u1eb7c t\u00ednh khi\u1ebfn n\u00f3 ph\u1ee9c t\u1ea1p h\u01a1n c\u00e1c quy\u1ec1n ch\u1ecdn th\u00f4ng th\u01b0\u1eddng (v\u00ed d\u1ee5 nh\u01b0 quy\u1ec1n ch\u1ecdn mua v\u00e0 quy\u1ec1n ch\u1ecdn b\u00e1n), m\u00f4 h\u00ecnh tam th\u1ee9c \u0111\u00f4i khi \u1ed5n \u0111\u1ecbnh v\u00e0 ch\u00ednh x\u00e1c h\u01a1n.<\/p>\n<p>(Ngu\u1ed3n tham kh\u1ea3o: <i>Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"vnbcbc-sapo\" data-role=\"sapo\">\n                            \u0110\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn theo m\u00f4 h\u00ecnh tam th\u1ee9c (ti\u1ebfng Anh: Trinomial Option Pricing Model) l\u00e0 m\u1ed9t m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn k\u1ebft h\u1ee3p ba gi\u00e1 tr\u1ecb c\u00f3 th\u1ec3 c\u00f3 c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n c\u01a1 s\u1edf trong m\u1ed9t kho\u1ea3ng th\u1eddi gian. Ba gi\u00e1 tr\u1ecb n\u00e0y c\u00f3 th\u1ec3 l\u1edbn h\u01a1n, gi\u1ed1ng ho\u1eb7c nh\u1ecf h\u01a1n gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i.\n                        <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29924"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=29924"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29924\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=29924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=29924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=29924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}