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The Early History of Option Contracts

In: Vinzenz Bronzin’s Option Pricing Models

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  • Geoffrey Poitras

    (Simon Fraser University)

Abstract

This chapter discusses the history of option contracts from ancient times until the appearance of Theorie der Prämiengeschäffe by Vinzenz Bronzin in 1908. The history examines the use of contracts with option features prior to the introduction of trade in free standing option contracts on the Antwerp bourse during the 16th century. Descriptions of the Amsterdam share option market by de la Vega in the 17th century and de Pinto in the 18th century are reviewed. The specific language of a late 17th century English option contract is provided in detail. The development and practice of option trading in the 18th and 19th centuries, as reflected in merchant manuals of that period, is examined. The article concludes with an overview of late 19th century option trading in securities and commodities.

Suggested Citation

  • Geoffrey Poitras, 2009. "The Early History of Option Contracts," Springer Books, in: Wolfgang Hafner & Heinz Zimmermann (ed.), Vinzenz Bronzin’s Option Pricing Models, chapter 18, pages 487-518, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-85711-2_24
    DOI: 10.1007/978-3-540-85711-2_24
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    Cited by:

    1. Geoffrey Poitras, 2012. "From the Renaissance Exchanges to Cyberspace: A History of Stock Market Globalization," Chapters, in: Geoffrey Poitras (ed.), Handbook of Research on Stock Market Globalization, chapter 3, Edward Elgar Publishing.
    2. Haug, Espen Gaarder & Taleb, Nassim Nicholas, 2011. "Option traders use (very) sophisticated heuristics, never the Black-Scholes-Merton formula," Journal of Economic Behavior & Organization, Elsevier, vol. 77(2), pages 97-106, February.

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