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Intellectuals & Academics » Economists » MYRON SCHOLES

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Full name : Myron Scholes
Alias : Myron Scholes
Gender : Men
Country : Canada
Birthday : 01-07-1941
Address : Timmins, Ontario, Canada
Animals : The Snake
Zodiac : Cancer
Died :
Father :
Mother :
Siblings :
Wife : Jan Scholes
Children : Anne, Sara
Education : University of Chicago McMaster University
Position :
Activists : Economists

Myron Scholes is a Canadian-American economist who shared the Nobel Prize for Economic Sciences with American economist Robert C. Merton for his work in finding out a new method to calculate the value of stock derivatives. Scholes and Fischer Black had earlier developed the ‘Black-Scholes Formula’ for calculating the value of stock options. Robert C. Merton elaborated this formula to encompass the calculation of a lot of other things like mortgages and loans. Fischer Black could not receive the prize with others as he had passed away in 1995. Risk premiums could not be calculated properly due to the uncertainty of the price of options at the time of maturity which could either rise or fall. It was difficult to determine the correct price of options at an early stage so that it would not hurt the investors later. The work done by Scholes and Black pioneered new types of financial instruments that made management of risk for investing money in options and derivatives more efficient. Scholes and Black showed with the help of their formula that there was no need to include any risk premium in the price of options as it was already incorporated in the value. This formula is currently used by thousands of investors all over the world for calculating the value of stock options

 

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