Trading options in the 1600s was well utilized during the Tulip Bubble and trading the Dutch East Indies stock. Do we know how they set prices without knowing volatility/time decay etc, bell curve distributions or Black Scholes modeling? Was their option pricing very inaccurate vs today’s models?

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English longbowmen during the Hundred Year's War earned 6 pence a day. A single arrow cost 0.3125 pence, so you'd start losing money on the 20th arrow. That doesn't seem like a lot when battles could last multiple hours. Are there accounts or archers refusing to put themselves in the red?

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Trading options in the 1600s was well utilized during the Tulip Bubble and trading the Dutch East Indies stock. Do we know how they set prices without knowing volatility/time decay etc, bell curve distributions or Black Scholes modeling? Was their option pricing very inaccurate vs today’s models?

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