Myron Scholes
Myron Scholes
Myron Samuel Scholesis a Canadian-American financial economist. In 1997 he was awarded the Nobel Memorial Prize in Economic Sciences for a method to determine the value of derivatives. The model provides a conceptual framework for valuing options, such as calls or puts, and is referred to as the Black–Scholes model. Together with fellow Nobel prize winner Robert C. Merton he founded the hedge fund Long-Term Capital Management which dramatically collapsed in 1998...
NationalityCanadian
ProfessionEconomist
Date of Birth1 July 1941
CountryCanada
All models have faults - that doesn't mean you can't use them as tools for making decisions.
I think in our global economy, uncertainty is ever increasing. So to accommodate to that, we need to build a dynamic economy and dynamic rules that can adapt to changing circumstances.
My first reaction on being awarded the Nobel Prize was, actually, I thought of Fischer Black, my colleague. He unfortunately had passed away. And there was no doubt in my mind that if he were still alive, he would have been a co-recipient of the Nobel Prize.
I'm a theorist, not an institutionalist.
I was involved with Wells Fargo Bank as a consultant in the late 1960s and early 1970s, when I suggested to them that they develop a product that has become known as index funds.