yourquant_rick on Instagram: "a critique of the Black–Scholes option pricing framework from a market microstructure and behavioral finance perspective. In classical quantitative finance, the Black–Scholes model assumes complete and frictionless markets, continuous hedging, lognormally distributed returns, and no arbitrage opportunities. Under these idealized conditions, option prices can be derived from a theoretical volatility parameter — the so-called implied volatility — which serves as the s