Michael Gapen of Barclays Capital has calculated the value of this “deflation put option” and reckons it suggests a 10-15% probability of deflation over the next five years.

巴克莱资本的Michael Gapen计算了这“通缩选择”的价值并估计，在未来5年将有10-15%的通缩可能性。

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Michael Gapen of Barclays Capital has calculated the value of this "deflation put option" and reckons it suggests a 10-15% probability of deflation over the next five years.

巴克莱资本的Michael Gapen计算了这“通缩看跌期权”的价值并估计，在未来5年将有10 - 15%的通缩可能性。

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They would have to put up a very compelling value proposition to even consider such an option.

他们将不得不展现出非常令人信服的价值力，甚至考虑这样一种选择。

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You can even put a value on that option, using estimates of future volatility in real oil prices and the same formula used to evaluate stock options.

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But the Bain managers may have put profits interests in family trusts at the time of the creation of the funds, arguing that the option value was really low.

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