In their contribution to the Nathan Report, Baumol, Malkiel, and Quandt argued that options "enrich the investor's repertoire of strategies by allowing him to realize a different set of payoffs than he would have realized in their absence." Just as the possibility of carrying an umbrella was an advantage to the pedestrian, "the more strategies are available to the investor, the better off he is likely to be" (Nathan Associates 1969, vol.

Donald MacKenzie, An Engine, Not a Camera, loc. 665