Practically, the application of options implied second moment, implied volatility, is very popular, but the study of implied third moment, skewness, and fourth moment, kurtosis, is seldom.

• 摘要:实务上，选择权价格所隐含之二阶动差（即波动率）应用得非常普遍，但有关所隐含三阶动差（偏态）及四阶动差（峰态）之研究则较为少见。