At first, the correspondence between the Black-Scholes-Merton model and patterns of prices on the Chicago Board Options Exchange was fairly poor. Soon, however, it began to improve. The most thorough tests of fit were conducted by Mark Rubinstein (1985), using a subset of a huge data base of nearly all Chicago Board Options Exchange price quotations and transactions between August 1976 and August 1978.

Donald MacKenzie, An Engine, Not a Camera, loc. 735