Alice and Bob own identical stock portfolios, and both of them also bought 1-yr maturity puts on the stock. Alice bought at-the-money puts for her portfolio, while Bob decided to get out-of-the-money puts. At the end of 1yr, if the market is at the same price as the beginning of the year, which of the following is true?

a. Bob loses less than alice

b. alice makes a profit

c. alice loses less than bob

d. None of the above