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We study the optimal timing of derivative purchases in incomplete markets. In our model, an investor attempts to maximize the spread between her model price and the offered market price through optimally timing her purchase. Both the investor and the market value the options by risk-neutral expectations but under different equivalent martingale measures representing different market views. The structure of the resulting optimal stopping problem depends on the interaction between the respectivedoi:10.1137/100809386 fatcat:3v63bnnc5bf3zhg5l3u4gjm5na