Finally, in section 8, there is an assessment of the significance of the
findings in the paper. It is emphasized that the characteristics of discrete
hedging obtained in sections 2-6 of the paper are based on the assumption
that the Black-Scholes assumptions hold with certainty. However, it is
contended that features of discrete hedging obtained under these ideal
circumstances can provide both a valuable benchmark and a useful device
for analyzing what actually happens with real-world data. The final section
also comments on some work by Galai (1975) in this area where he
examined a different aspect of the consequences of discrete hedging. The paper
concludes with some suggestions for future research in this area.’