The binomial option pricing model is widely used to understand pricing an option which is a financial derivative. The Model presents very important characteristics in deciding a price of an option. First, a value of option is decided independently with probabilities that stock prices are ascending or fall. Second, an option pricing is not depend on investors' risk preferences. When an option is evaluated, this paper may clear that investors had to consider the probabilities of a stock price's movements and their own preferences for a risk.

Abstract
 1. 서론
 2. 단일기간 이항옵션가격결정모형
  2.1 이항옵션가격결정모형
  2.2 단일기간 이항옵션가격결정모형의 예
 3. 이항옵션가격결정모형의 허점
  3.1 기대이익 최대화 위배
  3.2 투자자의 선호도 반영 위배
  3.3 콜옵션만의 가치포함 위배
 4. 결론
 참고문헌

• 김진욱(창원대학교 산업시스템공학과) | Jin Wook Kim