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You are onto something, it is inconsistent to be calculating vega with Black-Scholes considering it assumes that volatility is constant. Black-Scholes is not a good for modeling option prices/implied volatility. It's a very good intuitive model (like the CAPM), and a good way of organizing thoughts, but it is not an accurate depiction of reality. If it ...


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On the topic of your second paragraph, the author below is the authority on precisely that topic. Start at page 19 https://www8.gsb.columbia.edu/leadership/sites/leadership/files/Is%20economics.pdf



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