밭떼기거래의 경제적 성격과 계약금의 평가

• 영문명: Economic Features of Bahtegi Contract and Evaluation of its Earnest Money
• 발행기관: 한국농업경제학회
• 저자명: 강태훈(Taehoon Kang)
• 간행물 정보: 『농업경제연구』43권 2호, 55~76쪽, 전체 22쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2002.06.30

영문 초록

The ‘Bahtegi’ contract has been recognized as a forward contract because it is a commitment between farmers and local collecting merchants to trade underlying agricultural products at a predetermined prices at a certain time in the future. However, current practices make Bahtegi contract closer to a call option rather than to a forward contract because it is cancelled so frequently mainly by buyers(merchants). Merchants pay earnest money to farmers as a reward for contract cancellation when prices fall below a certain level. Thus, the earnest money paid by the Bahtegi buyer could be considered as option premium. This study shows why the Bahtegi contract should be considered as a call option rather than a forward contract. This study also suggests a method to evaluate appropriate level of the earnest money for the contract, using a modified Black’s Option Pricing Model. Unlike a standard option, when the merchant’s right to buy is exercised, the buyer pays the price less the earnest money. This study suggests an iterative exotic option pricing model to handle the uniqueness of Bahtegi. The application result provides evidence that the premium levels comp0uted by the iterative exotic option pricing method are significantly higher than those by standard option pricing model.

목차

ABSTRACT

I. 서론

II. 밭떼기거래의 실태

III. 밭떼기거래의 경제적 성격

IV. 밭떼기거래의 계약금 평가

V. 밭떼기거래 계약금 평가모형의 적용

VI. 결론

참고문헌

키워드

Agricultural forward contract price risk management call options exotic options