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To: Don Lloyd who wrote (5708)	7/25/2000 3:37:45 PM
From: LLCF	Read Replies (1) \| Respond to of 436258

[...Unrelated to the topic at hand. Options are very easy to price in dollar terms...> [Actually HIGHLY related to topic at hand.] <Actually, not true for a variety of reasons. Ignoring the lack of a market for the employee options, and the inherent inconsistencies of BS option valuations, the real problem is that there is no such thing as an intrinsic value.> This is total bull. The options market prices very similar options minute by minute as we speak [is the market still open?]. Any accounting company could run a program with published assumed parameters... as long as you are consistant, numbers would be pretty good, certainly much better for the analyst than ignoring the problem. < All economic goods are correctly valued only by the Subjective Theory of Value, developed circa 1870, in conjunction with the Law of Diminishing Marginal Utility.> What are you looking through textbooks looking for support for an untenable argument? <To understand the difficulty, try to answer the question as to which has the higher value, a cup of water or a one carat diamond.> This is an insult to our intelligence, options are easily reduced to dollar values, perfect for accounting purposes in the 'real world'... You, Gilligan and the Skipper can collect coconuts. DAK