Nothing you said is untrue; you just made it feel like math is some magic pot of gold.
Nearly every time, the cost of the stock plus the cost of the put option will be exactly the same as the values of all expected outcomes.
Nearly every time, the cost of the stock plus the cost of the put option will be exactly the same as the values of all expected outcomes.
Can you explain this further? Are you suggesting that you're obtaining the put option and the stock from the same source?
As much as I like to joke about retiring to some farmers market to handcraft artisanal equity options, when people are talking about options on stocks (equity options) they are normally referring to exchange traded deriviatives.
Does "the market" include OTC derivatives, i.e. options not traded on an exchange?
Buying a "normal" option contract on an equity is almost certainly not an OTC deal and is instead exchange traded. Those exchanges are very efficient like the equities exchanges are so options are priced competitively (thanks to options traders).