Intuitively, if we hedge delta and rebalance that delta hedge periodically, we are effectively hedging a bit of gamma with each rebalance. I feel that this would depend on the rebalancing limits and the volatility of the underlying. So a delta hedging program does have some implied/effective gamma.
Alternatively, you can just hedge gamma directly.
I'd like to compare apples to oranges here. What's the cost of rebalancing vs the cost of just buying gamma. How would I calculate the effective curvature/gamma given a known volatility and rebalancing limits? Is this even a thing?