As a financial derivatives, options are more and more used in financial market,as well as in physical market, real estate option is a case in point about real options.Our country implement pre-sale housing system,it means that real estate developer make an appointment with home buyers about commercial housing,which are in construction,home buyers pay down payment first, so that they can own the house in the future.Pre-sale housing system in line with fundamental assumption of European options without bonus.Because of shortcomings of classical Black-Scholes model,we need to structure new model in real estate options,in this paper, i improve classical Black-Scholes model in option pricing and build anew real estate pricing model over instruct exponential of O-U jump diffusion process,in addition, i consider an important influencing factor - credit risk,next, i solve this pricing model and gain the related mathematical formula ,in the end, i calculate real estate options' analytic formula in thismodel by martingale pricing method and insurance actuary pricing method separately. |