Abstract
Robert C. Merton, who developed the theory of option pricing with Myron Scholes and the Fischer Black, is responsible for a new approach to investments and asset pricing, based in part on stochastic calculus. Awarded the Nobel prize in 1997, Merton’s other contributions to financial economics include the intertemporal capital asset pricing model (ICAPM). He has written extensively on pension planning, social security, and bank deposit insurance.
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Duffie, D. (2018). Merton, Robert C. (Born 1944). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2796
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2796
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