The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1997
Awarded on: 1997-10-14
"for a new method to determine the value of derivatives"
Affiliations:
- Long Term Capital Management – Greenwich, CT, USA
Myron S. Scholes
Born: 1941-07-01 in Timmins, ON, Canada
Gender: male
Field: Canadian–American economist and Nobel Laureate (born 1941)
Biography
Myron Samuel Scholes is a Canadian–American financial economist. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel Laureate in Economic Sciences, and co-originator of the Black–Scholes options pricing model. This mathematical model, developed with Fischer Black, revolutionized finance by providing a systematic way to value options through the elimination of risk via dynamic hedging.