That the theoretical work of Black and Scholes could effectively be deployed to defend options' legitimacy did not, however, mean that the theory was adequate as an empirical description of prices. As we saw in chapter 5, when Black and Scholes tested their formula against prices in the ad hoc New York options market, they found only approximate agreement (Black and Scholes 1972).

Donald MacKenzie, An Engine, Not a Camera, loc. 707