Myron Scholes (Economist)

Myron Scholes is a renowned economist best known for his work on financial derivatives, particularly the Black-Scholes model, which he developed with Fischer Black and Robert Merton in the early 1970s. This model provides a mathematical formula for pricing options, helping investors understand the value of these financial contracts that give the right to buy or sell an asset at a predetermined price. Scholes's contributions to finance earned him the Nobel Prize in Economic Sciences in 1997, and his work has significantly influenced how markets operate and how risks are managed in trading.