The purpose of this paper is to examine a special kind of game option, whose main feature is the presence of an early exercise right for the seller as well as for the buyer. The seller has to pay some amount above the usual option payment for this right. Usually, this penalty payment is presented by a constant amount during the option life. Alternatively, in this paper we present the cancellation payment as the usual option payment multiplied by a constant. We introduce also a discount factor which gives a benefit for early exercising. It is closely related to the existence of a continuous dividend payment. In that way we can describe a dividend model in our framework.

The approach we use is based on finding the seller’s and buyer’s exercise regions. We do this maximizing their expected future financial results. After that we use the first exit properties to calculate the fair option price.

本文的目的是研究一种特殊的游戏选项，其主要特征是对买卖双方都有早期行使权。卖方必须为此权利支付比通常的期权付款高出一些的金额。通常，在期权有效期内，该罚金以固定金额列示。或者，在本文中，我们将取消付款作为通常的期权付款乘以常数。我们还介绍了一个折价系数，它有助于早期锻炼。这与连续股息支付的存在密切相关。这样，我们可以在我们的框架中描述股息模型。

我们使用的方法基于找到卖方和买方的行使区域。我们这样做是为了使他们的预期未来财务业绩最大化。之后，我们使用第一个退出属性来计算公平期权价格。