中文摘要：

为规避现货水权交易的供给能力、价格等风险，将水期权引入到水资源配置和管理中，作为现货水权交易的一个有力补充。参照金融期权的基本理论，根据水资源的用途和适用对象不同对水期权进行分类设计，对各类型水期权的概念和内涵进行界定，并对其进行比较，详述各类型水期权的适用条件和设计流程。在此基础上，对水期权交易买卖双方进行博弈分析，得出系统效用最大化条件下期权合同的权利金和执行价格所应该满足的条件，即水期权交易触发条件，为水期权契约的实践应用提供理论依据，以期实现水资源的高效运营管理。研究成果将进一步拓展水资源管理的途径和金融期权的应用领域。

英文摘要：

In order to avoid supply and price risk in spot water market, water option is applied into water re- sources allocation and management, which can be a favorable supplement for spot water exchange. Referring to the basic theory of financial options, this paper classifies water option according to its use and applicable object, de- fines its connotation, and do comparative analysis. In the end, this paper do theory analysis for water option ex- changer, which concludes trigger condition for water option exchange under a system utility maximization condition in order to achieve efficient operation and management of water resources. Results of this study will further expand water management approaches and financial options applications.