中文摘要：

针对传统水资源配置理论和方法的局限性，借鉴金融工程的理念，引入水期权契约作为市场经济下水资源配置的一种新方式，用以方便水权交易、提高干旱年水供给保证率、规避水价风险、降低水资源配置成本。针对中国国情、水情和南水北调东线实际，考虑引入多次执行期权契约，对该期权的内涵进行了界定，鉴于该期权的奇异性，提出用成本-收益方法对多次执行水期权进行定价，最后通过一个算例验证了其可行性。

英文摘要：

Based on the research of financial derivative theory and water market, water option contract is introduced in this paper as an institutional and legal modifications to allocate water resources in China, which can increase reliability of water supply in dry years, avoid the risk of water price and reduce the cost of water resources allocation. Option contract for water is even more exotic than many exotic options considered in finance and can be exercised many times during its lifespan. This is a highly non - standard option and there is no simple pricing formula to calculate its value; a cost -benefit method is introduced here to value such multiple -exercise option. In addition, It gives an example to pricing water option using this method.