[gumpzilla]

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If the linearity theory is indeed false, it would not be hard to disprove. You only need to do an analytic or simulated solution for three data points under one set of conditions. If you find a non-linearity in those (which I'm sure can be done given a correct choice of data points), then the equity function must be non-linear. In other words, you basically only need one counterexample.

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I'm not clear on what you mean by this. The whole point of the exercise, as I understand it, is to see how well the analytical models match up against reality. Whether or not some specific model predicts linearity isn't really the question, but it seems to me that you're suggesting doing calculations to determine just that.