Player

I

II

III

Period

1

2

3

1

2

3

1

2

3

E ( Y )

1

k q

3

r f

0.05

σ ( Y )

10.488

K j

2807.190

2367.231

2006.917

β j ( k )

3.0

3.5

3.0

3.8

3.9

3.8

4.6

5.6

4.6

e j ( k )

0.15

0.15

0.15

0.15

0.15

0.15

0.15

0.15

0.15

π j ( k )

1.10

1.10

1.10

1.117

1.117

1.117

1.083

1.083

1.083

N j ( k )

4500

4500

4500

3200

3200

3200

2300

2300

2300

equil/prem

1.544

1.472

1.544

1.511

1.463

1.510

1.471

1.406

1.471