  This paper sets out to provide a general framework for the pricing of
average-type options via lower and upper bounds. This class of options includes
Asian, basket and options on the volume-weighted average price. We demonstrate
that in cases under discussion lower bounds allow for the dimensionality of the
problem to be reduced and that these methods provide reasonable approximations
to the price of the option.
  Keywords: Asian options, Basket options, Lower and Upper bounds,
Volume-weighted average prices (VWAP), Levy processes.
