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Nobel Prizes and Laureates


Nobel Prizes and Laureates

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1997
Robert C. Merton, Myron S. Scholes

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Robert C. Merton - Facts

Robert C. Merton

Robert C. Merton

Born: 31 July 1944, New York, NY, USA

Affiliation at the time of the award: Harvard University, Cambridge, MA, USA

Prize motivation: "for a new method to determine the value of derivatives"

Field: financial economics

Contribution: Had a direct influence on the development of the Black-Scholes formula and generalized it in important ways. By devising another way of deriving the formula, he applied it to other financial instruments, such as mortgages and student loans. The work generated new financial instruments and has facilitated more effective risk management in society.

Prize share: 1/2

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MLA style: "Robert C. Merton - Facts". Nobelprize.org. Nobel Media AB 2014. Web. 23 Oct 2014. <http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1997/merton-facts.html>

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This Prize was established in memory of Alfred Nobel.