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A producer of asset S is going to sell it at future time T. Draw naked position revenues as a contingent claim on S(T). How

A producer of asset S is going to sell it at future time T. Draw naked position revenues as a contingent claim on S(T). How can they hedge by using a suitable (a) forward, (b) vanilla, (c) collar. Discuss the relative pros and cons of each of these three solutions.

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