老师麻烦解释一下这道题吧

问题如下：

Madisox notes that the implied volatility for the Weehawkin call option outlined in Exhibit 2 is 30%. With respect to other call options on Weehawkin stock, Madisox states the volatility surface provides a visualization of how implied volatility varies across both exercise price and time to maturity. Burr adds that implied volatility is useful in assessing the market price of risk since it is calculated on the basis of the historical volatility in the stock price. Jeffinsin concurs and adds that the volatility smile and skew typically have identical shapes whenever the market price of hedging is rising.

Whose comment regarding implied volatility is most likely correct?

选项：

A.

Burr’s

B.

Madisox’s

C.

Jeffinsin’s

解释：

Madisox’s statement is correct. Implied volatility is a measure of future estimated volatility, which varies across both exercise price and time to expiration for various options. Accordingly, implied volatility is a measure of the market price of risk.

A is incorrect. Burr’s statement is incorrect. Implied volatility is a measure of estimated future volatility, not historical volatility. Implied volatility is not calculated on the basis of historical volatility. Rather, implied volatility is a component of an option pricing model.

C is incorrect. Jeffinsin’s statement is incorrect. Volatility skew tends to steepen whenever the market price of hedging is rising, which causes its shape to be different from the volatility smile.