Myron Scholes

Myron Scholes (born 1941) is a Canadian-American financial economist whose work sits where probability, stochastic modelling and finance meet. Born in Timmins, Ontario, he took a bachelor's degree in economics at McMaster University and then studied at the University of Chicago, where he earned his doctorate in 1969 under Eugene Fama and Merton Miller. Together with Fischer Black and Robert C. Merton he worked out the option pricing framework now called the Black-Scholes model, and in 1997 he shared the Nobel Memorial Prize in Economic Sciences with Merton for a method of valuing derivatives. He taught at the MIT Sloan School and at Chicago, is professor emeritus of finance at Stanford, and was a partner in the hedge fund Long-Term Capital Management, which collapsed in 1998. The atlas holds him as the mathematical-finance figure behind the Black-Scholes model.