> Frankly, I'm struggling to see what "the "Black-Scholes model" for 
> pricing options... implies for ice cream" -- or honey for that matter. 

Don't puzzle too long - I pulled it off the top of my head (or perhaps 
from somewhere else!) as something that MBAs are taught that most folks 
never hear about.  My only "point" (if there was one) was that "the market 
sets the price", so if honey can be sold to multiple people at $40/lb, this 
implies that the honey was/is "worth it", per Black-Scholes, as values don't

really even "exist" until money changes hands.

> Myron Scholes and his ideas contributed significantly to designing 
> a financial train-wreck...

It was a bad and hasty choice of "textbook subjects". Whadayawant at 140
WPM?
How 'bout Menger's "marginal utility" theory, instead?  If there's anything 
with "marginal utility" to the buyer, it would be honey.

I also recall the old saw about "diamonds and water", which may be more
to the point when it comes to high-priced honey.

> I was floored to discover a while back that the co-op 
> I was shipping to had no currency hedges in place for 
> their large forward sales contracts (and no clue about 
> such things) and were getting badly beaten up by sudden 
> and rapid the rise in the Canadian dollar at that time.

I just happen to know of that co-op, and their creaky old gas-chromatograph 
is just as big a joke when it comes to "chemical analysis".  Golly. No
financial 
acumen to protect their members, technical assets 30 years out-of-date, 
ya kinda wonder what they did with all the money they skimmed off the sales 
of your honey, dontcha?  :)

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