Abstract
In this paper, we present somewhat alternative point of view on early exercised American options. The standard valuation of the American options the exercise moment is defined as one, which guarantees the maximum value of the option. We discuss the standard approach in the first two sections of the paper. The standard approach was initially presented in the papers [3]-[7]. Our idea is that the exercise moment of the American call/put options is defined by maximum/minimum value of underlying. It was shown that at this moment exercise and sell prices are equal.
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