There is a whole new science of interpretation, or of the passage between formalism and matter, that is to be learned from how BSM has produced the options market as a new matter — not one that translates the content of the model, but that is layered over its form. BSM never described an options market; however, it was used, as form (almost as empty form), to create and to make the options market.
KeywordsPosit Arena Volatility Vanilla Hedging
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