182.2. Consider the following conditions with respect to a marketable American PUT option on a non-dividend-paying stock:

I. Risk-free rate (Rf) is increasing II. Volatility (sigma) of underlying stock is decreasing III. Underlying stock price (S) is decreasing and/or low relative to option strike price (K)

Under which of the above condition(s) is it theoretically optimal, or increasingly advisable, to “early” exercise (i.e., prior to expiration) the marketable American PUT option on the non-dividend-paying stock?