Current published reading edition · 2026-05-05
Rigidity of the Black–Scholes Valuation Operator
Amos Jay Maley · 23 pages · Valuation operator rigidity
Within the fixed payoff-linear, deterministic one-factor local valuation class with its self-financing, scale-covariant and time-homogeneous conditions, the manuscript derives the Black-Scholes operator form. Positive volatility remains a calibration parameter. It does not claim that empirical markets are uniquely lognormal or exclude models with jumps, frictions, stochastic rates or stochastic volatility.
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About this paper and citation
Amos Jay Maley. Rigidity of the Black–Scholes Valuation Operator. Published 2026-05-05. DOI: 10.5281/zenodo.20034621.
SHA256 333fce87b49c656f054c9757fe9035d3559b230413b05066e4a393b22c4ec5aa
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Bounded substantive reading of selected imports, definitions, central results and limits; not every proof page read. Complete searchable PDF text was screened for circulation and completion notices, with marker contexts reviewed. The manuscript claims have not been independently verified. Equations, theorem numbering and full references remain in the original PDF. This page is a reading aid, not a full-text conversion.
Source references
Theorems7.1,7.3; Definition3.3
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A preferred reading edition does not replace an exact edition imported by a downstream theorem. Where references do not pin imported bytes, that identity remains unresolved.