Robert C. Merton
Robert C. Merton
Robert Cox Mertonis an American economist, Nobel laureate in Economics, and professor at the MIT Sloan School of Management, known for his pioneering contributions to continuous-time finance, especially the first continuous-time option pricing model, the Black–Scholes formula...
NationalityAmerican
ProfessionEconomist
Date of Birth31 July 1944
CountryUnited States of America
although beneficial both faculty found harvard involved mit practicing work
As it happens, although I was at MIT on the faculty full-time for 18 years and then at Harvard for another 16, so I've always been in full-time academia, I always found it was both beneficial for my research and beneficial for the other work to be involved in the practicing community.
academics case far influenced largely move people pressed successful terms uncommon
I think in the case of my father, in terms of the things that influenced me, he never pressed me to go into academics or pressed me to go to a field, and indeed, my behavior was largely to move as far the other direction. I don't think that's uncommon with people with very successful parents.
continuous dynamic exposure limit offset option perfect prescribed principal provide theory trading
My principal contribution to the Black-Scholes option-pricing theory was to show that the dynamic trading strategy prescribed by Black and Scholes to offset the risk exposure of an option would provide a perfect hedge in the limit of continuous trading.