Myron Scholes

Information about Myron Scholes

Myron Samuel Scholes (born July 1, 1941 in Timmins, Ontario, Canada) is one of the authors of the famous Black-Scholes equation.

Nobel Prize Winner

In 1997 he was awarded the Nobel Memorial Prize in Economics for "a new method to determine the value of derivatives". The model provides the fundamental conceptual framework for valuing options, such as calls or puts, and is referred to as the Black-Scholes model, which has become the standard in financial markets globally. Trillions of dollars of options trades are executed each year using this model and derivations thereof. All binomial option models have evolved from this original concept.

He earned a Bachelor's degree in Economics from McMaster University in Hamilton, Ontario in 1962. At the University of Chicago, he earned an MBA in 1964 and a Ph.D. in 1969. He is currently a professor at Stanford University and has also been on the faculty at Princeton University and the MIT Sloan School of Management.

In 2005, Scholes was implicated in the case of Long-Term Capital Holdings v. United States, where he attempted to invest funds from his company, Long-Term Capital Holdings, in an illegal tax shelter in order to avoid having to pay taxes on profits from company investments. It was found that Scholes and his partners were not eligible for US$106 million in tax deductions they had claimed. Additionally, they were fined more than US$40 million by the IRS.

See also

Personalities of Wall Street

See List of personalities associated with Wall Street.

Documentary

PBS Nova - Trillion Dollar Bet (2000)

External links

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Nobel Memorial Prize in Economics Laureates
Milton Friedman (1976) • Bertil Ohlin / James Meade (1977) • Herbert Simon (1978) • Theodore Schultz / William Arthur Lewis (1979) • Lawrence Klein (1980) • James Tobin (1981) • George Stigler (1982) • Grard Debreu (1983) • Richard Stone (1984) • Franco Modigliani (1985) • James M. Buchanan (1986) • Robert Solow (1987) • Maurice Allais (1988) • Trygve Haavelmo (1989) • Harry Markowitz / Merton Miller / William Forsyth Sharpe (1990) • Ronald Coase (1991) • Gary Becker (1992) • Robert Fogel / Douglass North (1993) • John Harsanyi / John Forbes Nash / Reinhard Selten (1994) • Robert Lucas, Jr. (1995) • James Mirrlees / William Vickrey (1996) • Robert C. Merton / Myron Scholes (1997) • Amartya Sen (1998) • Robert Mundell (1999) • James Heckman / Daniel McFadden (2000)
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