Interview with Myron S. Scholes at the 3rd Meeting in Economic Sciences in Lindau, Germany, 22 August, 2008. The interviewer is Adam Smith, Editor-in-Chief of Nobelprize.org.
Myron Scholes discusses the concomitant benefits of having poor eyesight as a child, the importance of reading the classics (6:36), the view that led to his choice of PhD topics (8:22), the necessary cross-pollenization of theorists and empirical economists (13:16), and the option pricing model he helped devise while working as an assistant professor at MIT (16:39). He then explains how this model was accepted among practitioners before academics (27:15), why communication and perturbation are essential to scientific research (36:12), why he retired from teaching (43:29) and why “risk is fine” (50:01).
Watch the live stream of the announcements.