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The Nobel Memorial Prize in Economics 1997: Press Release from the Royal Swedish Academy of Sciences
Publication year - 1998
Publication title -
scandinavian journal of economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.725
H-Index - 64
eISSN - 1467-9442
pISSN - 0347-0520
DOI - 10.1111/1467-9442.00109
Subject(s) - valuation (finance) , economics , stock (firearms) , management , value (mathematics) , economic history , history , mathematics , finance , statistics , archaeology
The Royal Swedish Academy of Sciences has decided to award the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 1997, to Professor Robert C. Merton , Harvard University, Cambridge, MA, and Professor Myron S. Scholes , Stanford University, Stanford, CA, for a new method to determine the value of derivatives. Robert C. Merton and Myron S. Scholes have, in collaboration with the late Fischer Black, developed a pioneering formula for the valuation of stock options. Their methodology has paved the way for economic valuations in many areas. It has also generated new types of financial instruments and facilitated more efficient risk management in society.