The option pricing approach extended to valuing securities that only resembled options

Evidence

As they suggested, many other securities that on the surface did not look like options nevertheless had option-like features and so could be valued following the same approach, and, as noted above, the approach was also extended to the analysis of decisions as well as of securities. — Donald MacKenzie, An Engine, Not a Camera, 142

Categorization

• XREF: This generalization of option reasoning is the mechanism by which Black-Scholes reshaped broad swaths of finance — the core performativity payoff. — connects to: Portfolio insurance is structurally equivalent to buying a put option on the portfolio. — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 791; Pricing option value masks the ethical nature of grave collective choices — Douglas A. Kysar, Regulating from Nowhere: Environmental…, 249