Myron Samuel Scholes (born July 1, 1941) is one of the authors of the Black–Scholes equation. In 1997 he was awarded the Nobel Memorial Prize in Economic Sciences 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 ...
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Myron Samuel Scholes (born July 1, 1941) is one of the authors of the Black–Scholes equation. In 1997 he was awarded the Nobel Memorial Prize in Economic Sciences 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.
Myron Scholes was born on July 1, 1941 in Timmins, Ontario, a city in Canada where his family had moved during the Great Depression. In 1951 the family moved south to Hamilton, Ontario. Scholes was a good student, although fighting with impaired vision starting with his teens until finally getting an operation when he was twenty-six. Through his family, he became interested in economics early,...
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