I'm going to get flamed for this, but promulgating Black-Scholes as the "standard way" to price options is a little misleading. A better choice of word would be "conventional", but that's also inexact because the BSM is broken, since BSM makes a lot of unrealistic assumptions for the model to work. The point is that there is no One True Pricing Model... the price is what the market thinks the value is. Too many people who should know better get it all mixed up, with disastrous effects.