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Updated: May 29, 2025
Black-Scholes tackles stochastic volatility poorly. The formula also unrealistically assumes that the market dickers continuously, ignoring transaction costs and institutional constraints. No wonder that traders use Black-Scholes as a heuristic rather than a price-setting formula. Volatility also decreases in administered markets and over different spans of time.
Then followed many weary months of royalist intrigue, plot and counter plot, secret dickers with foreign Powers, attempts at escape, fresh indignities by the mob, until at last Royalty is suspended from its function, becomes the prisoner instead of the ruler. Turned out of the Tuileries, Louis and Marie Antoinette are no longer King and Queen henceforth Citizen and Citizeness Capet.
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