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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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Myron S. Scholes - Facts

Myron S. Scholes

Myron S. Scholes

Born: 1 July 1941, Timmins, ON, Canada

Affiliation at the time of the award: Long Term Capital Management, Greenwich, CT, USA

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

Field: financial economics

Contribution: Developed a method of determining the value of derivatives, the Black-Scholes formula (together with Fischer Black, who died two years before the Prize award). This methodology paved the way for economic valuations in many areas. It also generated new financial instruments and facilitated more effective risk management in society. 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: "Myron S. Scholes - Facts". Nobelprize.org. Nobel Media AB 2014. Web. 31 Oct 2014. <http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1997/scholes-facts.html>

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This Prize was established in memory of Alfred Nobel.