Robert C. Merton Biography

Robert C. Merton is a renowned economist and a Nobel laureate in economics. Born on July 31, 1944, in New York City, Merton received his undergraduate degree in engineering mathematics from Columbia University in 1966 and his Ph.D. in economics from the Massachusetts Institute of Technology (MIT) in 1970. He is well-known for his pioneering work in developing the option pricing model, which has revolutionized the field of finance. Merton shared the Nobel Prize in Economics with Myron Scholes in 1997 for their contributions to the theory of financial derivatives pricing. Merton has been a faculty member at MIT, Harvard Business School and currently serves as a professor of finance at the MIT Sloan School of Management. He has also served as president of the American Finance Association and was awarded the John Bates Clark Medal in 1993 for his contributions to economics. Aside from his work in finance and economics, Merton has also been actively involved in philanthropy and social impact. He is a founding partner of the MIT Golub Center for Finance and Policy, which seeks to improve the governance and regulation of financial institutions, and the Financial Access Initiative, which focuses on increasing economic access and inclusion in developing countries. Merton has published numerous papers and books on finance and economics, including "Continuous-Time Finance," "The Global Financial System: A Functional Perspective," and "Finance, Mathematics, and Risk: The Foundations of Financial Risk Management." He continues to be a prominent figure in the field of finance and an influential voice in shaping economic policy.

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