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Robert C. Merton

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magazine to its Risk Hall of Fame in 2002. He also received Risk’s Lifetime Achievement Award for contributions to the field of risk management in 2003. A distinguished fellow of the Institute for Quantitative Research in Finance ('Q Group', 1997) and a fellow of the Financial Management Association
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Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new methodology to value derivatives. He is past President of the American Finance Association (1986), a member of the National Academy of Sciences (1993) and a fellow of the American Academy of Arts and Sciences.
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Merton’s research focuses on finance theory including lifecycle finance, optimal intertemporal portfolio selection, capital asset pricing, pricing of options, risky corporate debt, loan guarantees, and other complex derivative securities. He has also written on the operation and regulation of
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financial institutions. Merton’s current academic interests include financial innovation and dynamics of institutional change, controlling the propagation of macro financial risk, and improving methods of measuring and managing sovereign risk. He is the author of
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Merton has also been recognized for translating finance science into practice. He received the inaugural Financial Engineer of the Year Award from the International Association of Financial Engineers in 1993, which also elected him a senior fellow.
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In 2010 Robert C. Merton rejoined the MIT Sloan School of Management where he is the School of Management Distinguished Professor of Finance. Since 2010, he also has been a Resident Scientist at
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In 1994, Merton became of Senior Fellow at the International Association of Financial Engineers (since renamed International Association for Quantitative Finance)
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Past recipients of the Financial Engineer of the Year award include Robert Merton (Harvard), Fischer Black, Mark Rubinstein (Berkeley) and Stephen Ross (Yale).
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In 1993, Merton won the inaugural Financial Engineer of the Year Award by the International Association of Financial Engineers (since renamed
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In 2009, Merton was awarded the Robert A. Muh Award in the Humanities, Arts and Social Sciences from Massachusetts Institute of Technology.
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Robert A. Jarrow Speech in Honor of Robert C. Merton 1999 Mathematical Finance Day Lifetime Achievement Award. April 25, 1999
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descent, and Suzanne Carhart, who was from a "multigenerational southern New Jersey Methodist/Quaker family." He grew up in
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In 1993, Merton was awarded the International INA - Accademia Nazionale dei Lincei Prize, National Academy of Lincei, Rome.
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Press Release: The Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel for 1997
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In 2003 Merton received the Nicholas Molodovsky Award for Outstanding Contribution to Investment Research from the
377:(2000), Merton received the Nicholas Molodovsky Award for Outstanding Contribution to Investment Research from the 2104: 1679: 623: 2226: 1551: 443:
In 1997, Merton became a Distinguished Fellow at the Institute for Quantitative Research in Finance ('Q Group').
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Merton married June Rose in 1966. They separated in 1996. They have three children: two sons and one daughter.
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In 2014, Merton received the Lifetime Achievement Award from the Financial Intermediation Research Society.
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In 1998, Merton was awarded the Michael I. Pupin Medal for Service to the Nation from Columbia University.
1907:"WFE to award the 2013 WFE Award for Excellence to Nobel Laureates Robert C. Merton and Myron S. Scholes" 503:
In 2022, Merton received a Lifetime Achievement Award from the Plan Sponsor Council of America (PSCA).
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The Nobel Memorial Laureates in Economics: An Introduction to Their Careers and Main Published Works
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In 2017, Merton received the Finance Diamond Price from the Fundacion de Investigacion IMEF, Mexico.
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A contingent-claims valuation of convertible bonds and the optimal policies for call and conversion
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In 2013, Merton received the WFE Award for Excellence from the World Federation of Exchanges.
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Speech in Honor of Robert C. Merton 1999 Mathematical Finance Day Lifetime Achievement Award
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His first professional association with a hedge fund came in 1968. His advisor at the time,
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In 2009, Merton was awarded the Tjalling C. Koopmans Asset Award from Tilburg University.
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In 2000, Merton became a Fellow at the Society of Fellows, American Finance Association.
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In 2005 the Baker Library at Harvard University opened The Merton Exhibit in his honor.
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The Global Financial System: A Functional Perspective; Finance; and Financial Economics
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The Wrong Answer Faster: The Inside Story of Making the Machine that Trades Trillions
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In 1999, Merton was awarded a lifetime achievement award in mathematical finance.
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In 1986, Merton became a Fellow at the American Academy of Arts and Sciences.
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In 2010, Merton received the Kolmogorov medal from the University of London.
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In 2000, Merton became a FMA Fellow at the Financial Management Association.
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Merton's current research focus is on the topics of lifecycle investing and
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In 2010, Merton received the Hamilton Medal from the Royal Irish Academy.
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Permanent exhibition of Nobel Medal and Diploma. Harvard Business School
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In 2011, Merton received the CME Group Melamed-Arditti Innovation Award.
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Merton earned a Bachelor of Science in Engineering Mathematics from the
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Cases in Financial Engineering: Applied Studies of Financial Innovation
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Dublin, Trinity News and Events, Trinity College (November 23, 2010).
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The Rise of the Quants: Marschak, Sharpe, Black, Scholes and Merton
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Garcia-FeijĂło, Luis; Siegel, Laurence B.; Kohn, Timothy R. (2020).
1027:"Nobel laureate Robert C. Merton PhD '70 rejoins MIT Sloan faculty" 1026: 869: 232:
Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
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In 1986, Merton was President of the American Finance Association.
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magazine named him to its Derivatives Hall of Fame in 1998 as did
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Merton, Robert C. (1973). "Theory of Rational Option Pricing".
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Gray, Dale F.; Merton, Robert C.; Bodie, Zvi (November 2007).
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MIT School of Humanities, Arts, and Social Sciences alumni
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Members of the United States National Academy of Sciences
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Columbia School of Engineering and Applied Science alumni
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Robert C. Merton and the Science of Finance: A Collection
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Lo, Andrew W.; Merton, Robert C. (November 1, 2021).
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Lo, Andrew W.; Merton, Robert C. (December 5, 2009).
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Vane, Howard R.; Mulhearn, Chris (December 6, 2017).
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Fellows of the American Academy of Arts and Sciences
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The Kolmogorov Lecture and Medal. November 13, 2009
1833:"TCD Mathematics Student Wins Hamilton Prize 2010" 435:International Association for Quantitative Finance 2202:Laureate of the Nobel Memorial Prize in Economics 1182:Robert C. Merton honored with MIT's Killian Award 3168: 1603:Bell Journal of Economics and Management Science 1031:MIT News | Massachusetts Institute of Technology 707: 705: 703: 701: 699: 697: 695: 624:"Robert C. Merton: The First Financial Engineer" 859: 3277:Presidents of the American Finance Association 2937: 2923: 2242: 2092:Resident Scientist, Dimensional Fund Advisors 1045: 692: 578:"Robert C. Merton and the Science of Finance" 2262:Sveriges Riksbank Prize in Economic Sciences 1861:: CS1 maint: multiple names: authors list ( 1139: 836:"How to Solve the World's Retirement Crisis" 423:In 1993, Merton became a member of the U.S. 1002:"Robert C. Merton - Faculty & Research" 337:He remained on the faculty at MIT in 2021. 263: 2930: 2916: 2249: 2235: 2172: 2064: 715: 425:United States National Academy of Sciences 299:, and his doctorate in economics from the 31: 3207:California Institute of Technology alumni 3202:American people of Russian-Jewish descent 1727:"Baker Library: About the Merton Exhibit" 1622: 1312: 1228: 448:Nobel Memorial Prize in Economic Sciences 358:. Merton was a founding co-editor of the 315:In 1970 Merton joined the faculty of the 289:School of Engineering and Applied Science 234:for the method to determine the value of 216:Nobel Memorial Prize in Economic Sciences 134:Nobel Memorial Prize in Economic Sciences 3252:People from Hastings-on-Hudson, New York 1478:"A Good Time for Caution in the Markets" 1258: 1202: 864:. National Bureau of Economic Research. 241:Merton was on the board of directors of 3008:International Campaign to Ban Landmines 2134:CME Group Fred Arditti Innovation Award 2114:Baker Library: About the Merton Exhibit 2097:Pension solution Dimensional Managed DC 1783:"The NBER Reporter 2011 Number 1: News" 1657:from the original on September 28, 2017 1503: 1497: 1343: 1337: 1221:10.1146/annurev-financial-071808-145225 1178: 1135: 1133: 1131: 833: 640:10.1146/annurev-financial-042720-055018 594:10.1146/annurev-financial-100520-074656 571: 569: 3237:MIT Sloan School of Management faculty 3169: 1967:: CS1 maint: archived copy as title ( 1949:from the original on September 8, 2015 1830: 1600: 1430: 1428: 1396: 1394: 1105: 1103: 1077: 1075: 919: 917: 915: 827: 2911: 2230: 2150:The Concise Encyclopedia of Economics 1993:from the original on December 6, 2017 1917:from the original on December 1, 2017 1843:from the original on December 6, 2017 1475: 1413:from the original on December 1, 2017 1160:from the original on December 6, 2017 1058:. CFA Institute Research Foundation. 771: 615: 575: 411: 301:Massachusetts Institute of Technology 166:Massachusetts Institute of Technology 84:Massachusetts Institute of Technology 3267:National Bureau of Economic Research 2005: 1763:from the original on October 6, 2015 1609:(1). The RAND Corporation: 141–183. 1544: 1510:The Journal of Economic Perspectives 1370: 1364: 1313:Hittleman, Margo (August 19, 1997). 1265:Annual Review of Financial Economics 1209:Annual Review of Financial Economics 1128: 974:Faculty research Department (2008). 853: 680:. No. October. pp. 166–169 668: 628:Annual Review of Financial Economics 582:Annual Review of Financial Economics 566: 361:Annual Review of Financial Economics 210:(born July 31, 1944) is an American 2047:Page at the Harvard Business School 1425: 1391: 1277:10.1146/annurev-fe-13-090321-100001 1100: 1072: 994: 976:"Biography â€“ Robert C. Merton" 912: 834:Pechter, Kerry (January 28, 2021). 662: 330:, working on pension management. 13: 3282:Annual Reviews (publisher) editors 3257:Fellows of the Econometric Society 2056: â€“ Trillion Dollar Bet (2000) 1793:from the original on June 10, 2017 1400: 1252: 765: 622:Lo, Andrew W. (November 1, 2020). 621: 297:California Institute of Technology 80:California Institute of Technology 14: 3293: 2035: 1887:from the original on June 9, 2017 982:from the original on June 8, 2007 954:American Sociological Association 514:Theory of rational option pricing 3272:21st-century American economists 3197:Economists from New York (state) 2155:Library of Economics and Liberty 1812:The Kolmogorov Lecture and Medal 1697:"- American Finance Association" 1087:The American Finance Association 454:for their work on stock options. 446:In 1997, Merton was awarded the 403: 295:, a Masters of Science from the 2338:Leonid Vitaliyevich Kantorovich 2017:American Retirement Association 1975: 1929: 1899: 1869: 1824: 1805: 1775: 1745: 1719: 1689: 1669: 1639: 1594: 1569: 1469: 1456: 1306: 1261:"A Look Back and a Way Forward" 1196: 1179:Dizikes, Peter (May 12, 2021), 1172: 1019: 967: 942: 671:"Harvard's Financial Scientist" 576:Bodie, Zvi (November 1, 2020). 557:Ingersoll, Jonathan E. (1976), 507: 226:. In 1997 Merton together with 218:laureate, and professor at the 1729:. June 7, 2008. Archived from 1476:Sears, Steven (July 8, 2017). 748: 723: 551: 539:List of Jewish Nobel laureates 317:MIT Sloan School of Management 303:in 1970 under the guidance of 220:MIT Sloan School of Management 1: 3217:American financial economists 2170:Mathematics Genealogy Project 1504:Edwards, Franklin R. (1999). 1466:. John Wiley & Sons, 2012 756:"Too Interconnected to Fail?" 544: 534:List of quantitative analysts 364:, serving from 2009 to 2021. 3227:Long-Term Capital Management 3187:Nobel laureates in Economics 2120: (archived June 7, 2008) 1347:Economic Sciences, 1996-2000 1115:National Academy of Sciences 398:Long-Term Capital Management 282:Hastings-on-Hudson, New York 243:Long-Term Capital Management 114:Long-Term Capital Management 7: 1146:. Edward Elgar Publishing. 978:. Harvard Business School. 522: 340: 252:, measuring and monitoring 10: 3298: 3247:Jewish American economists 3222:Harvard University faculty 2330:Friedrich August von Hayek 2145:"Robert C.Merton (1944– )" 2107:December 12, 2011, at the 1682:December 12, 2011, at the 778:Financial Analysts Journal 720:, accessed 11 October 2020 224:Black–Scholes–Merton model 102:Merton's portfolio problem 94:Black–Scholes–Merton model 3094: 3069: 3054: 3023: 2998: 2978: 2947: 2728:Christopher A. Pissarides 2602: 2351: 2268: 2215: 2199: 2187: 2182: 1371:Read, C. (June 7, 2012). 1344:Persson, Torsten (2003). 1168:– via Google Books. 840:Retirement Income Journal 328:Dimensional Fund Advisors 310: 201: 187: 175: 161: 147: 140: 129: 119: 89: 71: 42: 30: 23: 3192:American Nobel laureates 1686:. bu.edu. April 25, 1999 264:Early life and education 3045:William Daniel Phillips 1987:www.imef-eventos.org.mx 1817:April 27, 2010, at the 1006:Harvard Business School 790:10.2469/faj.v59.n1.2500 735:Harvard Business School 348:Continuous-Time Finance 64:New York City, New York 3100:Nobel Prize recipients 3087:(Canada/United States) 3056:Physiology or Medicine 3039:Claude Cohen-Tannoudji 1436:"CFA Institute Awards" 900:Cite journal requires 2449:James M. Buchanan Jr. 2077:Doctoral Dissertation 350:, and a co-author of 192:Jonathan E. Ingersoll 2712:Oliver E. Williamson 2342:Tjalling C. Koopmans 1522:10.1257/jep.13.2.189 1350:. World Scientific. 950:"Robert King Merton" 669:Carr, Peter (2006). 392:and chief executive 370:Derivatives Strategy 3062:Stanley B. Prusiner 2740:Christopher A. Sims 2668:Thomas C. Schelling 2640:Robert F. Engle III 2541:Robert E. Lucas Jr. 2389:Theodore W. Schultz 1911:world-exchanges.org 1707:on December 1, 2017 772:Bodie, Zvi (2003). 293:Columbia University 268:Merton was born in 76:Columbia University 2656:Edward C. Prescott 2644:Clive W.J. Granger 2620:Joseph E. Stiglitz 2593:Daniel L. McFadden 2481:Harry M. Markowitz 2208:Served alongside: 2063:on Nobelprize.org 1624:10338.dmlcz/135817 1462:Goodkin, Michael. 1111:"Robert C. Merton" 925:"Robert C. Merton" 714:on Nobelprize.org 529:List of economists 412:Honours and awards 321:Harvard University 250:retirement funding 169:Harvard University 110:Fractional Finance 16:American economist 3164: 3163: 3071:Economic Sciences 2905: 2904: 2804:Richard H. Thaler 2768:Robert J. Shiller 2764:Lars Peter Hansen 2736:Thomas J. Sargent 2724:Dale T. Mortensen 2616:A. Michael Spence 2612:George A. Akerlof 2581:Robert A. Mundell 2549:James A. Mirrlees 2517:Douglass C. North 2489:William F. Sharpe 2441:Franco Modigliani 2417:George J. Stigler 2401:Lawrence R. Klein 2290:Paul A. Samuelson 2225: 2224: 2216:Succeeded by 2191:James A. Mirrlees 2166:Robert Cox Merton 1675:Robert A. Jarrow 1384:978-1-137-02614-9 1357:978-981-02-4961-8 1320:Cornell Chronicle 1083:"Past Presidents" 1065:978-1-944960-07-0 678:Bloomberg Markets 230:were awarded the 208:Robert Cox Merton 205: 204: 188:Doctoral students 142:Scientific career 47:Robert Cox Merton 3289: 3102: 3079:Robert C. Merton 2965:(United Kingdom) 2932: 2925: 2918: 2909: 2908: 2898: 2890: 2888:Philip H. Dybvig 2871: 2852: 2850:Robert B. Wilson 2837: 2827:Abhijit Banerjee 2818: 2812:William Nordhaus 2806: 2798: 2786: 2778: 2770: 2754: 2752:Lloyd S. Shapley 2742: 2730: 2720:Peter A. Diamond 2714: 2702: 2694: 2692:Roger B. Myerson 2678: 2676:Edmund S. Phelps 2670: 2664:Robert J. Aumann 2658: 2646: 2634: 2622: 2595: 2589:James J. Heckman 2583: 2575: 2567: 2565:Myron S. Scholes 2561:Robert C. Merton 2555: 2543: 2535: 2529:John F. Nash Jr. 2525:John C. Harsanyi 2519: 2507: 2499: 2491: 2485:Merton H. Miller 2475: 2467: 2459: 2451: 2443: 2435: 2427: 2419: 2411: 2403: 2395: 2393:Sir Arthur Lewis 2383: 2381:Herbert A. Simon 2375: 2363: 2344: 2332: 2320: 2318:Wassily Leontief 2312: 2310:Kenneth J. Arrow 2300: 2292: 2284: 2251: 2244: 2237: 2228: 2227: 2211:Myron S. Scholes 2188:Preceded by 2180: 2179: 2176: 2162: 2157:(2nd ed.). 2139:Robert Muh Award 2068: 2061:Robert C. Merton 2042:Official Website 2029: 2028: 2026: 2024: 2009: 2003: 2002: 2000: 1998: 1979: 1973: 1972: 1966: 1958: 1956: 1954: 1948: 1941: 1933: 1927: 1926: 1924: 1922: 1903: 1897: 1896: 1894: 1892: 1881:www.cmegroup.com 1873: 1867: 1866: 1860: 1852: 1850: 1848: 1828: 1822: 1809: 1803: 1802: 1800: 1798: 1779: 1773: 1772: 1770: 1768: 1749: 1743: 1742: 1740: 1738: 1723: 1717: 1716: 1714: 1712: 1703:. 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Merton 177:Doctoral advisor 124:Robert K. Merton 60: 56: 54: 35: 25:Robert C. Merton 21: 20: 3297: 3296: 3292: 3291: 3290: 3288: 3287: 3286: 3167: 3166: 3165: 3160: 3098: 3090: 3081:(United States) 3065: 3064:(United States) 3050: 3047:(United States) 3035:(United States) 3019: 3016:(United States) 2994: 2974: 2959:(United States) 2943: 2936: 2906: 2901: 2893: 2884:Douglas Diamond 2874: 2855: 2840: 2821: 2809: 2801: 2796:Bengt Holmström 2789: 2781: 2773: 2757: 2745: 2733: 2717: 2705: 2697: 2681: 2673: 2661: 2652:Finn E. Kydland 2649: 2637: 2632:Vernon L. Smith 2628:Daniel Kahneman 2625: 2609: 2598: 2586: 2578: 2570: 2558: 2553:William Vickrey 2546: 2538: 2533:Reinhard Selten 2522: 2513:Robert W. Fogel 2510: 2502: 2497:Ronald H. Coase 2494: 2478: 2473:Trygve Haavelmo 2470: 2462: 2457:Robert M. 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Index


New York City, New York
Columbia University
California Institute of Technology
Massachusetts Institute of Technology
Black–Scholes–Merton model
ICAPM
Merton's portfolio problem
Merton model
Fractional Finance
Long-Term Capital Management
Robert K. Merton
Nobel Memorial Prize in Economic Sciences
Finance
economics
Massachusetts Institute of Technology
Harvard University
Doctoral advisor
Paul Samuelson
Jonathan E. Ingersoll
Robert Jarrow
economist
Nobel Memorial Prize in Economic Sciences
MIT Sloan School of Management
Black–Scholes–Merton model
Myron Scholes
Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
derivatives
Long-Term Capital Management
retirement funding

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