Myron S. Scholes (born July 1, 1941 in Timmins, Ontario, Canada) is one of the authors of the famous Black-Scholes equation. In 1997 he was awarded the Nobel Prize in Economics for "a new method to determine the value of derivatives." The model provides the fundamental conceptual framework for valuing options.
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 co-founded Long-Term Capital Management (LTCM) in 1994. He is currently a professor at Stanford University and has also been on the faculty at the MIT Sloan School of Management.
- Black, F & Scholes, M 1973 The pricing of options and corporate liabilities. Journal of Political Economy 81 637-59