Write rank[VT()]N, T period calls with distinct payoffs for each For each t, write rank[Vt()]rank[VDt+1()]N, t period calls with distinct payoffs for...

Write rank[VT()]N, T period calls with distinct payoffs for each For each t, write rank[Vt()]rank[VDt+1()]N, t period calls with distinct payoffs for each VDt+1()] = time t+1 payoff matrix of all calls expiring in t+1 or more periods Copyright When Is This Strategy Sensible?