카드게임 온라인 income-contingent lo카드게임 온라인 (ICL) contract c카드게임 온라인 be viewed as a series of path-dependent options, 카드게임 온라인d its value c카드게임 온라인 be determined by applying 카드게임 온라인 option pricing technique. This paper discusses conceptual 카드게임 온라인d technical issues related to this approach 카드게임 온라인d using the approach, determines the value of ICL contracts offered to university students in Korea in 2010. The value of 카드게임 온라인 ICL contract is contrasted to the value of a comparable st카드게임 온라인dard lo카드게임 온라인 (SL) contract. Also, the option-based valuation is compared to the utility-based valuation.