Increases or decreases in the riskiness of the future value of an asset have interesting and important

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Question:

Increases or decreases in the riskiness of the future value of an asset have interesting and important effects on the value of call and put options written on the property today. To illustrate this, we consider a given property, which we can regard as a generic asset, which was sold for the price V0 at date t=0. At that time, a call and a put option were respectively written on the property, each with the same expiry date (t=1) and exercise price F. When the property was sold, its future value, V1, was known to be risky =, with some probability that it could increase or decrease relative to its sale value. Assume, for simplicity, that the property could decrease in value to the single point V11 and that the property could alternatively increase to the value V12, which determines the values of the call option on the same date, respectively denoted by C11 and C12, and those analogous values of the put, respectively denoted by P11 and P12. Now consider an increase in the riskiness of that property, such that its possible future low and high values satisfy

V11 < V11
V12 < V12

This generates corresponding lower and higher values for the possible future values of the call and put,

C11 < C11

C12 < C12 ;

P11 < P11

P12 < P12

where we assume that

E(C1) = E(C1)

E(P1) = E(P1)

a) What does this do to the value of the call to its owner?

b) What does this do to the value of the liability for the call to its seller?

c) What does this do to the value of the put to its owner?

d) What does this do to the value of the liability of the path to its seller?