Robert C. Merton

Facts

Robert C. Merton

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

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."

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

To cite this section
MLA style: Robert C. Merton – Facts. NobelPrize.org. Nobel Media AB 2018. Wed. 21 Nov 2018. <https://www.nobelprize.org/prizes/economic-sciences/1997/merton/facts/>

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