library(tidyverse)
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library(lubridate)
library(quantmod)
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library(tseries)
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library(dplyr)
library(readr)
library(zoo)
# Estimasi parameter Model Heston
library(quantmod)
library(dplyr)
# Ambil data harga saham
getSymbols("GS", from = "2019-12-31", to = "2024-12-31")
## [1] "GS"
prices <- Cl(GS)
# Plot harga saham
plot(index(prices), as.numeric(prices),
type = "l", col = "black", lwd = 1,
xlab = "Waktu", ylab = "Harga Saham ($)",
main = "Plot Harga Saham Goldman Sachs")
# Hitung log-return
log_returns <- na.omit(diff(log(prices)))
# Plot log-return harga saham
waktu_tick <- seq(as.Date("2020-01-01"), as.Date("2024-12-31"), by = "3 months")
# Plot dasar (nonaktifkan sumbu-x & y bawaan)
plot(index(log_returns), coredata(log_returns),
type = "l", col = "blue", lwd = 1,
xlab = " ", ylab = "Log Return",
main = "Plot Log-Return Saham Goldman Sachs",
xaxt = "n", yaxt = "n")
# Tambahkan sumbu-x tiap 3 bulan (vertikal)
axis.Date(1, at = waktu_tick, format = "%b %Y", las = 2, cex.axis = 0.8, tcl = -0.4)
# Tambahkan sumbu-y horizontal (label tidak menumpuk)
axis(2, las = 1, cex.axis = 0.8)
# Uji
shapiro.test(as.numeric(log_returns))
##
## Shapiro-Wilk normality test
##
## data: as.numeric(log_returns)
## W = 0.90086, p-value < 2.2e-16
# Setting time step
dt <- 1/252 # diasumsikan data harian
# Estimasi variansi harian v_t menggunakan EWMA (RiskMetrics, lambda = 0.94)
lambda <- 0.94 # smoothing parameter untuk EWMA
v_t <- rep(NA, length(log_returns))
v_t[1] <- var(log_returns) # initial variance
for (t in 2:length(log_returns)) {
v_t[t] <- lambda * v_t[t-1] + (1 - lambda) * log_returns[t-1]^2
}
v_t <- na.omit(v_t)
# Hitung perubahan variansi
dv_t <- diff(v_t)
v_t_lag <- v_t[-length(v_t)]
# Regresi OLS: Δv_t = α + β v_t + noise
ols_model <- lm(dv_t ~ v_t_lag)
summary(ols_model)
##
## Call:
## lm(formula = dv_t ~ v_t_lag)
##
## Residuals:
## Min 1Q Median 3Q Max
## -2.963e-04 -1.743e-05 -1.087e-05 1.430e-06 1.433e-03
##
## Coefficients:
## Estimate Std. Error t value Pr(>|t|)
## (Intercept) 3.301e-06 2.796e-06 1.180 0.2381
## v_t_lag -7.757e-03 3.513e-03 -2.208 0.0274 *
## ---
## Signif. codes: 0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
##
## Residual standard error: 8.285e-05 on 1254 degrees of freedom
## Multiple R-squared: 0.003873, Adjusted R-squared: 0.003079
## F-statistic: 4.876 on 1 and 1254 DF, p-value: 0.02742
alpha_hat <- coef(ols_model)[1]
beta_hat <- coef(ols_model)[2]
# Estimasi parameter kappa dan theta
kappa_hat <- -beta_hat / dt
theta_hat <- alpha_hat / (kappa_hat * dt)
# Estimasi parameter xi (vol of vol)
residuals_v <- residuals(ols_model)
std_eps <- sd(residuals_v / sqrt(v_t_lag))
xi_hat <- std_eps / sqrt(dt)
# Estimasi rho (korelasi returns dan perubahan variansi)
rho_hat <- cor(log_returns[-1], dv_t)
# Estimasi v0
v0_hat <- v_t[1]
# estimasi rata-rata return dan volatilitas
mu <- mean(log_returns)*252
sigma_hat <- sd(log_returns) * sqrt(252)
# Tampilkan hasil estimasi
cat("Estimasi Parameter Model Heston:\n")
## Estimasi Parameter Model Heston:
cat("v0 =", round(v0_hat, 6), "\n")
## v0 = 0.000435
cat("theta =", round(theta_hat, 6), "\n")
## theta = 0.000425
cat("kappa =", round(kappa_hat, 6), "\n")
## kappa = 1.954857
cat("xi =", round(xi_hat, 6), "\n")
## xi = 0.046303
cat("rho =", round(rho_hat, 6), "\n")
## rho = -0.005901
hari <- 1:length(v_t)
# Buat interval untuk sumbu-x
x_ticks <- seq(0, length(v_t), by = 100)
# Buat interval untuk sumbu-y, bisa disesuaikan dengan range data
y_ticks <- seq(0, max(v_t), by = 0.001)
# Plot tanpa sumbu bawaan
plot(hari, v_t,
type = "l", col = "blue", lwd = 2,
xlab = "Hari", ylab = "Vt",
main = "Plot v_t (misalnya variansi log-return)",
xaxt = "n", yaxt = "n")
# Tambahkan sumbu-x
axis(1, at = x_ticks, labels = x_ticks, cex.axis = 0.8, tcl = -0.4)
# Tambahkan sumbu-y dengan label vertikal
axis(2, at = y_ticks, labels = format(y_ticks, digits = 3), las = 1, cex.axis = 0.8)
# Simulasi Harga Saham dengan Model Heston
library(MASS) # untuk mvrnorm
##
## Attaching package: 'MASS'
## The following object is masked from 'package:dplyr':
##
## select
library(ggplot2)
# Setting parameter (gunakan hasil estimasi sebelumnya)
r <- 0.05 # Risk-free rate
S0 <- as.numeric(last(prices)) # Harga saham terakhir
T <- 5 # Maturity date
nSteps <- T * 252 # Langkah harian
nPaths <- 100000 # Jumlah path simulasi (bisa diubah-ubah)
dt <- T / nSteps # Panjang tiap langkah
# Inisialisasi matriks
S <- matrix(0, nrow = nSteps + 1, ncol = nPaths)
v <- matrix(0, nrow = nSteps + 1, ncol = nPaths)
S[1, ] <- S0
v[1, ] <- v0_hat
# Simulasi
set.seed(123)
for (i in 2:(nSteps + 1)) {
# Generate pasangan noise berkorelasi
Z <- mvrnorm(nPaths, mu = c(0, 0), Sigma = matrix(c(1, rho_hat, rho_hat, 1), 2))
Z1 <- Z[, 1]
Z2 <- Z[, 2]
# Update v (volatilitas stokastik)
v[i, ] <- pmax(v[i-1, ] + kappa_hat * (theta_hat - v[i-1, ]) * dt +
xi_hat * sqrt(v[i-1, ]) * sqrt(dt) * Z2, 1e-8)
# Update S (harga saham)
# S[i, ] <- S[i-1, ] + r*S[i-1, ]*dt + sqrt(v[i-1, ])*S[i-1, ]* sqrt(dt) * Z1
S[i, ] <- S[i-1, ] * exp((r - 0.5 * v[i-1, ]) * dt + sqrt(v[i-1, ]) * sqrt(dt) * Z1)
}
# Buat data frame untuk plot
S_df <- data.frame(
time = rep(0:nSteps, times = 5),
price = c(S[, 1:5]),
path = rep(1:5, each = nSteps + 1)
)
# Plot 5 path harga saham
ggplot(S_df, aes(x = time, y = price, color = factor(path))) +
geom_line() +
labs(title = "Simulasi Harga Saham Model Heston",
x = "Hari", y = "Harga Saham", color = "Path") +
theme_minimal()
# Valuasi ESO dengan Metode LSM
# Parameter ESO
K <- S0 * 1.05 # Strike price
vesting_time <- 24/12 # Vesting period 2 tahun
forfeit_rate <- 0.05 # Forfeiture rate 5% per tahun
M_ratio <- 1.2 # Threshold exercise, 20% diatas K
dt <- T / nSteps
time_grid <- seq(0, T, length.out = nSteps + 1)
vesting_step <- which.min(abs(time_grid - vesting_time))
discount_factor <- exp(-r * dt)
# Payoff awal (call option payoff)
payoff <- pmax(S - K, 0)
# Inisialisasi matriks untuk nilai opsi
option_value <- matrix(0, nrow = nSteps + 1, ncol = nPaths)
option_value[nSteps + 1, ] <- payoff[nSteps + 1, ] # Nilai akhir
# Backward Induction
if (vesting_step <= nSteps) {
for (t in nSteps:vesting_step) {
itm <- which(payoff[t, ] > 0 & S[t, ] < M_ratio * K) # in-the-money & belum exercise
if (length(itm) > 30) { # Direkomendasikan >30 untuk regresi polinomial derajat 3 agar hasil lebih stabil
X <- S[t, itm]
X_scaled <- (X - mean(X)) / sd(X) # standarisasi
Y <- option_value[t + 1, itm] * discount_factor
fit <- lm(Y ~ X_scaled + I(X_scaled^2) + I(X_scaled^3))
continuation_value <- predict(fit, newdata = data.frame(X = S[t, ]))
exercise_now <- payoff[t, ] > continuation_value & S[t, ] >= M_ratio * K
option_value[t, ] <- ifelse(exercise_now, payoff[t, ], option_value[t + 1, ] * discount_factor)
} else {
option_value[t, ] <- option_value[t + 1, ] * discount_factor
}
}
}
## Warning: 'newdata' had 100000 rows but variables found have 33916 rows
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## Warning: 'newdata' had 100000 rows but variables found have 36294 rows
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## Warning: 'newdata' had 100000 rows but variables found have 36755 rows
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## Warning: 'newdata' had 100000 rows but variables found have 36941 rows
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## Warning: 'newdata' had 100000 rows but variables found have 37176 rows
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## Warning: 'newdata' had 100000 rows but variables found have 37302 rows
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## Warning: 'newdata' had 100000 rows but variables found have 37487 rows
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## Warning: 'newdata' had 100000 rows but variables found have 37624 rows
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## Warning: 'newdata' had 100000 rows but variables found have 37779 rows
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## Warning: 'newdata' had 100000 rows but variables found have 37994 rows
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## Warning: 'newdata' had 100000 rows but variables found have 38169 rows
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## Warning: 'newdata' had 100000 rows but variables found have 38350 rows
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## Warning: 'newdata' had 100000 rows but variables found have 38535 rows
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## Warning: 'newdata' had 100000 rows but variables found have 38675 rows
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## Warning: 'newdata' had 100000 rows but variables found have 38856 rows
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## Warning: 'newdata' had 100000 rows but variables found have 39051 rows
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## Warning: 'newdata' had 100000 rows but variables found have 39882 rows
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## Warning: 'newdata' had 100000 rows but variables found have 40087 rows
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## Warning: 'newdata' had 100000 rows but variables found have 40224 rows
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## Warning: 'newdata' had 100000 rows but variables found have 40424 rows
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## Warning: 'newdata' had 100000 rows but variables found have 40763 rows
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## Warning: 'newdata' had 100000 rows but variables found have 41295 rows
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## Warning: 'newdata' had 100000 rows but variables found have 42179 rows
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## Warning: 'newdata' had 100000 rows but variables found have 42384 rows
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## Warning: 'newdata' had 100000 rows but variables found have 42568 rows
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## Warning: 'newdata' had 100000 rows but variables found have 42795 rows
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## Warning: 'newdata' had 100000 rows but variables found have 42942 rows
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## Warning: 'newdata' had 100000 rows but variables found have 43113 rows
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## Warning: 'newdata' had 100000 rows but variables found have 43284 rows
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## Warning: 'newdata' had 100000 rows but variables found have 43473 rows
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## Warning: 'newdata' had 100000 rows but variables found have 43667 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 43810 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 43990 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 44196 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 44387 rows
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## Warning: 'newdata' had 100000 rows but variables found have 44581 rows
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## Warning: 'newdata' had 100000 rows but variables found have 44740 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 44927 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 45083 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 45250 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 45455 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 45657 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 45833 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 46046 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 46222 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 46405 rows
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## Warning: 'newdata' had 100000 rows but variables found have 46647 rows
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## Warning: 'newdata' had 100000 rows but variables found have 46830 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 47014 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 47220 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 47389 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 47611 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 47735 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 47940 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 48120 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 48291 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 48511 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
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## Warning: 'newdata' had 100000 rows but variables found have 48694 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 48840 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 49047 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 49195 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 49373 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 49583 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 49749 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 49954 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 50197 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 50382 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 50548 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 50667 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 50909 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 51106 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 51279 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 51452 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 51710 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 51905 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 52072 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 52295 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 52457 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 52706 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 52910 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 53125 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 53270 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 53506 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 53754 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 53871 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 54063 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 54258 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 54457 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 54681 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 54912 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 55105 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 55269 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 55480 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 55656 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 55867 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 56072 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 56217 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 56391 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 56566 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 56740 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 56951 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 57186 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 57359 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 57582 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 57749 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 57974 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 58195 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 58370 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 58544 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 58748 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 58975 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 59183 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 59390 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 59584 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 59748 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 59958 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 60117 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 60340 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 60546 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 60699 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 60857 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 61029 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 61210 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 61413 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 61592 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 61817 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 61991 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 62181 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 62397 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 62628 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 62777 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 62967 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 63139 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 63341 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 63547 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 63714 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 63885 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 64076 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 64281 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 64490 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 64720 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 64887 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 65088 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 65291 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 65479 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 65627 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 65815 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 65975 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 66158 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 66352 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 66511 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 66737 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 66888 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 67097 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 67283 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 67425 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 67590 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 67853 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 68030 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 68166 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 68379 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 68505 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 68734 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 68880 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 69092 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 69312 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 69447 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 69638 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 69821 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 70009 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 70214 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 70371 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 70573 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 70741 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 70944 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 71111 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 71238 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 71436 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 71646 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 71826 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 71951 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 72191 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 72329 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 72465 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 72632 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 72829 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 72988 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 73130 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 73318 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 73450 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 73606 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 73827 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 74010 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 74170 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 74308 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 74523 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 74714 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 74901 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 75029 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 75231 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 75396 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 75559 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 75746 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 75921 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 76109 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 76265 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 76408 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 76574 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 76744 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 76894 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 77088 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 77216 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 77402 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 77582 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 77718 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 77879 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 78074 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 78190 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 78397 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 78561 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 78695 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 78860 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 79002 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 79170 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 79305 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 79461 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 79632 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 79756 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 79880 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 80041 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 80203 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 80386 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 80541 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 80657 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 80798 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 80951 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 81110 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 81261 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 81412 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 81526 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 81691 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 81818 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 81937 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 82092 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 82231 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 82392 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 82516 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 82679 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 82849 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 82952 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 83094 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 83196 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 83349 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 83433 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 83587 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 83707 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 83819 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 83979 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 84083 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 84235 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 84371 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 84509 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 84611 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 84761 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 84855 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 84958 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 85100 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 85229 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 85330 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 85463 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 85616 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 85712 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 85834 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 85979 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 86084 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 86227 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 86316 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 86404 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 86534 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 86644 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 86756 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 86851 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 86974 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 87050 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 87163 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 87274 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 87391 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 87493 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 87598 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 87713 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 87790 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 87887 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88012 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88119 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88247 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88351 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88431 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88556 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88644 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88760 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88858 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 88941 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89052 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89180 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89250 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89347 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89444 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89524 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89614 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89712 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89826 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89896 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 89997 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90102 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90181 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90243 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90329 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90426 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90510 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90614 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90704 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90801 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90876 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 90970 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91059 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91152 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91229 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91306 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91378 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91442 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91528 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91628 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91720 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91825 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91900 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 91957 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92027 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92126 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92203 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92278 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92381 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92465 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92528 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92622 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92686 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92761 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92848 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92930 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 92985 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93039 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93091 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93146 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93232 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93294 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93400 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93440 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93493 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93563 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93631 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93676 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93744 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93809 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93856 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93912 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 93962 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94041 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94096 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94121 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94192 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94255 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94330 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94372 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94456 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94497 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94562 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94612 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94661 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94720 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94775 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94817 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94889 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94928 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 94981 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95015 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95063 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95114 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95168 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95225 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95287 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95361 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95399 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95440 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95479 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95532 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95564 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95625 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95646 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95705 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95751 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95792 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95817 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95861 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95914 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95963 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96000 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96058 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96073 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96126 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96149 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96187 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96239 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96284 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96337 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96358 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96384 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96432 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96463 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96497 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96524 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96547 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96586 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96615 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96645 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96691 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96726 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96760 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96800 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96836 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96863 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96897 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96926 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96972 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97010 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97028 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97036 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97060 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97097 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97111 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97118 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97146 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97179 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97188 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97222 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97250 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97282 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97314 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97341 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97381 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97379 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97404 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97430 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97454 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97493 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97500 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97527 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97546 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97582 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97607 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97624 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97634 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97663 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97678 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97700 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97727 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97748 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97769 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97779 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97802 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97821 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97832 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97838 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97866 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97878 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97895 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97908 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97922 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97960 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97985 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97983 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97995 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98012 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98015 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98020 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98019 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98037 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98055 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98075 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98078 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98105 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98130 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98135 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98147 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98148 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98156 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98183 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98171 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98166 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98178 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98204 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98239 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98241 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98240 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98245 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98263 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98264 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98279 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98272 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98272 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98284 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98296 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98303 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98317 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98323 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98338 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98338 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98338 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98356 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98360 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98374 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98396 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98383 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98387 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98380 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98384 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98386 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98385 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98395 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98405 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98411 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98414 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98414 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98417 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98427 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98444 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98435 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98430 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98429 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98432 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98435 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98439 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98439 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98444 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98432 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98440 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98430 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98442 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98431 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98435 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98418 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98416 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98442 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98432 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98433 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98448 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98444 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98445 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98440 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98438 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98431 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98445 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98444 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98446 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98440 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98448 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98460 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98461 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98463 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98437 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98441 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98451 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98462 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98435 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98426 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98430 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98432 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98429 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98427 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98413 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98419 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98405 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98392 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98406 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98403 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98395 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98363 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98357 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98363 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98374 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98363 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98350 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98338 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98328 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98335 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98325 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98310 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98308 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98287 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98296 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98293 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98293 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98280 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98287 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98278 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98267 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98266 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98250 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98235 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98216 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98212 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98214 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98224 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98229 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98204 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98204 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98199 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98184 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98166 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98158 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98131 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98131 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98109 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98105 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98083 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98055 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98069 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98047 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98037 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98021 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98006 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 98014 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97996 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97991 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97986 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97968 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97962 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97946 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97931 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97921 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97903 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97880 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97873 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97884 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97854 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97855 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97832 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97825 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97800 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97790 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97767 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97748 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97736 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97715 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97698 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97670 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97663 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97631 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97627 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97598 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97593 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97580 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97588 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97561 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97541 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97537 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97503 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97464 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97469 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97443 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97449 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97431 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97421 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97413 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97377 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97358 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97333 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97311 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97268 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97269 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97240 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97215 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97212 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97174 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97167 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97135 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97111 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97103 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97098 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97073 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 97042 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96998 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96994 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96992 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96962 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96934 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96884 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96868 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96852 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96860 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96818 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96793 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96773 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96767 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96742 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96711 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96675 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96636 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96619 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96615 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96556 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96530 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96512 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96457 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96445 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96419 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96383 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96345 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96315 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96278 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96221 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96201 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96174 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96152 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96111 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96071 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 96037 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95998 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95998 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95965 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95930 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
## Warning: 'newdata' had 100000 rows but variables found have 95877 rows
## Warning in payoff[t, ] > continuation_value: longer object length is not a
## multiple of shorter object length
# Survival adjustment untuk forfeiture
survival_prob <- exp(-forfeit_rate * vesting_time) # survival probability vesting
ESO_value <- mean(option_value[vesting_step, ]) * exp(-r * vesting_time) * survival_prob
# Output
cat("\nEstimasi Nilai ESO menggunakan LSMC dengan Model Heston:\n")
##
## Estimasi Nilai ESO menggunakan LSMC dengan Model Heston:
cat("Nilai ESO =", round(ESO_value, 4), "\n")
## Nilai ESO = 82.5042
# Hindari notasi ilmiah
options(scipen = 999)
# Data
simulasi_label <- c(50, 100, 500, 1000, 5000, 10000, 25000, 50000, 75000, 100000)
harga_simulasi <- c(84.9925, 81.0915, 82.6009, 82.8656, 82.6437, 82.5577, 82.3635, 82.4130, 82.3724, 82.5042)
harga_eksak <- 82.4847
# Posisi x sederhana
x_pos <- 1:length(simulasi_label)
# Range dan ticks untuk sumbu-y
y_range <- range(c(harga_simulasi, harga_eksak))
y_ticks <- seq(floor(y_range[1]), ceiling(y_range[2]), by = 0.5)
# Plot garis simulasi
plot(x_pos, harga_simulasi, type = "l", col = "blue", lwd = 1.5,
xaxt = "n", yaxt = "n", # Nonaktifkan sumbu default
xlab = "Jumlah Jalur Simulasi", ylab = "Nilai OSK ($)",
ylim = range(y_ticks), cex.axis = 0.8)
# Tambahkan garis eksak
abline(h = harga_eksak, col = "red", lty = 2, lwd = 1.5)
# Tambahkan sumbu-x
axis(1, at = x_pos, labels = simulasi_label, cex.axis = 0.8)
# Tambahkan sumbu-y (horizontal, tiap 0.5 poin)
axis(2, at = y_ticks, labels = y_ticks, las = 1, cex.axis = 0.8)
# Tambahkan legenda dengan border
legend("topright", legend = c("Nilai Hampiran OSK", "Nilai Eksak OSK"),
col = c("blue", "red"), lty = c(1, 2), lwd = 1.5, bty = "o")
# Data parameter dan hasil valuasi OSK
K <- c(573.55, 579.29, 585.02, 590.76, 596.49, 602.23, 607.96, 613.70, 619.43, 625.17, 630.91)
OSK_K <- c(86.2306, 85.8653, 85.3672, 84.6707, 83.7356, 82.5042, 80.9484, 79.0327, 76.7714, 74.1718, 71.2704)
S0 <- c(530, 540, 550, 560, 570, 573.55, 580, 590, 600, 610, 620)
OSK_S0 <- c(76.2396, 77.6781, 79.1166, 80.5551, 81.9936, 82.5042, 83.4321, 84.8706, 86.3090, 87.7475, 89.1860)
T <- seq(3.00, 6.00, by=0.25)
OSK_T <- c(49.8865, 55.5508, 60.9665, 66.0539, 70.6628, 74.6806, 77.9775, 80.5492, 82.5042, 83.8891, 84.8573, 85.5185, 85.9639)
vesting <- seq(12, 36, by=2)
OSK_vesting <- c(86.7321, 86.0123, 85.2985, 84.5906, 83.8887, 83.1292, 82.5042, 81.8222, 81.1481, 80.4854, 79.8347, 79.2016, 78.5965)
forfeit <- 1:10
OSK_forfeit <- c(89.3758, 87.6060, 85.8713, 84.1709, 82.5042, 80.8705, 79.2692, 77.6996, 76.1610, 74.6529)
r <- seq(4.5, 5.5, by=0.1)
OSK_r <- c(77.6042, 78.7963, 79.8825, 80.8587, 81.7314, 82.5042, 83.1802, 83.7747, 84.2813, 84.7128, 85.0863)
# Tata letak dan pengaturan label y horizontal
par(mfrow=c(2,3), mar=c(6,4,1,1), las=1)
# Plot (a)
plot(K, OSK_K, type = "l", col = "blue", pch = 16, lwd = 1.5, xlab="Harga Strike ($)", ylab="Nilai OSK ($)", yaxt="n")
axis(2, at=seq(70, 90, by=2)) # Label Y lebih rapat
mtext("(a)", side=1, line=4.5, cex=0.8)
# Plot (b)
plot(S0, OSK_S0, type = "l", col = "blue", pch = 16, lwd = 1.5, xlab="Harga Saham Awal ($)", ylab="Nilai OSK ($)", yaxt="n")
axis(2, at=seq(76, 90, by=2))
mtext("(b)", side=1, line=4.5, cex=0.8)
# Plot (c)
plot(T, OSK_T, type = "l", col = "blue", pch = 16, lwd = 1.5, xlab="Waktu Jatuh Tempo (Tahun)", ylab="Nilai OSK ($)", yaxt="n")
axis(2, at=seq(50, 90, by=5))
mtext("(c)", side=1, line=4.5, cex=0.8)
# Plot (d)
plot(vesting, OSK_vesting, type = "l", col = "blue", pch = 16, lwd = 1.5, xlab="Periode Vesting (bulan)", ylab="Nilai OSK ($)", yaxt="n")
axis(2, at=seq(78, 88, by=1))
mtext("(d)", side=1, line=4.5, cex=0.8)
# Plot (e)
plot(forfeit, OSK_forfeit, type = "l", col = "blue", pch = 16, lwd = 1.5, xlab="Forfeiture Rate (%)", ylab="Nilai OSK ($)", yaxt="n")
axis(2, at=seq(74, 90, by=2))
mtext("(e)", side=1, line=4.5, cex=0.8)
# Plot (f)
plot(r, OSK_r, type = "l", col = "blue", pch = 16, lwd = 1.5, xlab="Tingkat Bunga Bebas Risiko (%)", ylab="Nilai OSK ($)", yaxt="n")
axis(2, at=seq(77, 86, by=1))
mtext("(f)", side=1, line=4.5, cex=0.8)
