问题
单项选择题
The process that ensures that two securities positions with identical future payoffs, regardless of future events, will have the same price is called:
A．
| A. arbitrage. |
B．
| B. the law of one price. |
C．
| C. payoff parity. |
答案
参考答案：A
解析：ff two securities have identical payoffs regardless of events, the process of arbitrage will move prices toward equality. Arbitrageurs will buy the lower priced position and sell the higher priced position, for an immediate profit without any future liability. The law of one price ( for securities with identical payoffs) is not a process; it is 'enforced' by arbitrage.