ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Black, Merton and Scholes Their Work and Its Consequences

The Nobel Prize in Economics for 1997 was awarded to Robert C Merton and Myron Scholes. If their partner, Fischer Black, had been alive today, he would have shared the prize. In this article, we take stock of markets for financial derivatives, and the work of Black, Merton and Scholes.

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