问题如下图：
选项：
A. 
B. 
C. 
解释：
不是很明白。
选了A,能解释下这题的道理吗？
李宗_品职助教 · 2018年03月25日
你好同学，这里考察二叉树模型，在用二叉树之前，我们首先要保证所用二叉树的正确性，我们通过用二叉数计算出的当前的价格是否等于债券的市场价格来判断。
如果不等于，我们需要调整二叉树，通过不断迭代调整，使计算出的价格等于市场价，这样我们得到的二叉树才是一个arbitrage-free的二叉树。换个角度说，我们假设了当期的债券市场价格是正确的，是没有套利空间的。
选项B中benchmark这个概念在二叉树模型中并不存在，选项C直接和arbitrage-free相违背。
如果同学对这个知识点有些遗忘了，可以参考R36 中 Interest Rate Trees and Arbitrage-free Valuation 中的具体讲解，
加油哈 (*•̀ㅂ•́ )و
NO.PZ201602270200001805问题如下5. A benefit of performing Task 1 is thit:A.enables the mol to pribon with embeeoptions.B.intifies benchmark bon thhave been mispricethe market.C.allows investors to realize arbitrage profits through stripping anreconstitution.A is correct.Calibrating a binomiinterest rate tree to mata specific term structure is important because we cuse the known valuation of a benchmark bonfrom the spot rate pricing to verify the accuraof the rates shown in the binomiinterest rate tree. Onits accurais confirme the interest rate tree cthen useto value bon with embeeoptions. While scounting with spot rates will proarbitrage free valuations for option-free bon, this spot rate methowill not work for bon with embeeoptions where expectefuture cash flows are interest-rate pennt (rate changes impathe likelihooof options being exercise. The interest rate tree allows for the alternative paths tha bonwith embeeoptions might take. B is incorrebecause calibration es not intify mispricebenchmark bon. In fact, benchmark bon are employeto prove the accuraof the binomiinterest rate tree, they are assumeto correctly pricethe market. C is incorrebecause the calibration of the binomiinterest rate tree is signeto proarbitrage-free valuation approaansuapproaes not allow a market participant to realize arbitrage profits though stripping anreconstitution. 为什么为了含权债券而修正二叉树？二叉树不是设立好的么，然后在每一个时点判断是否行权即可。提到修正，请问需要如何修正？我知道要试错，满足波动率及lognormal（但是可以按这些前提设立好），但怎样算是对的模型呢。如果说是能反应债券价值的，既然知道能反应债券价值了，那也不需要二叉树了，因为已经求得债券价值。
NO.PZ201602270200001805 问题如下 5. A benefit of performing Task 1 is thit: A.enables the mol to pribon with embeeoptions. B.intifies benchmark bon thhave been mispricethe market. C.allows investors to realize arbitrage profits through stripping anreconstitution. A is correct.Calibrating a binomiinterest rate tree to mata specific term structure is important because we cuse the known valuation of a benchmark bonfrom the spot rate pricing to verify the accuraof the rates shown in the binomiinterest rate tree. Onits accurais confirme the interest rate tree cthen useto value bon with embeeoptions. While scounting with spot rates will proarbitrage free valuations for option-free bon, this spot rate methowill not work for bon with embeeoptions where expectefuture cash flows are interest-rate pennt (rate changes impathe likelihooof options being exercise. The interest rate tree allows for the alternative paths tha bonwith embeeoptions might take. B is incorrebecause calibration es not intify mispricebenchmark bon. In fact, benchmark bon are employeto prove the accuraof the binomiinterest rate tree, they are assumeto correctly pricethe market. C is incorrebecause the calibration of the binomiinterest rate tree is signeto proarbitrage-free valuation approaansuapproaes not allow a market participant to realize arbitrage profits though stripping anreconstitution. 三个老师能不能讲讲，我没看懂意思，可以逐一下吗？谢谢老师。
NO.PZ201602270200001805 问题如下 5. A benefit of performing Task 1 is thit: A.enables the mol to pribon with embeeoptions. B.intifies benchmark bon thhave been mispricethe market. C.allows investors to realize arbitrage profits through stripping anreconstitution. A is correct.Calibrating a binomiinterest rate tree to mata specific term structure is important because we cuse the known valuation of a benchmark bonfrom the spot rate pricing to verify the accuraof the rates shown in the binomiinterest rate tree. Onits accurais confirme the interest rate tree cthen useto value bon with embeeoptions. While scounting with spot rates will proarbitrage free valuations for option-free bon, this spot rate methowill not work for bon with embeeoptions where expectefuture cash flows are interest-rate pennt (rate changes impathe likelihooof options being exercise. The interest rate tree allows for the alternative paths tha bonwith embeeoptions might take. B is incorrebecause calibration es not intify mispricebenchmark bon. In fact, benchmark bon are employeto prove the accuraof the binomiinterest rate tree, they are assumeto correctly pricethe market. C is incorrebecause the calibration of the binomiinterest rate tree is signeto proarbitrage-free valuation approaansuapproaes not allow a market participant to realize arbitrage profits though stripping anreconstitution. 表格不都是option free的嘛，为什么答案是含权债券定价。
NO.PZ201602270200001805 老师问下c 投资者为什么不能通过该方法来发现套利机会？
NO.PZ201602270200001805 请问该知识点在讲义哪，谢谢