Editing Robert C. Merton

{{Short description|American economist}}
{{Use mdy dates|date=July 2014}}
{{Infobox scientist
| name = Robert C. Merton
| image = Robert Merton November 2010 03(1).jpg
| caption = Merton in 2010
| birth_name = Robert Cox Merton
| birth_date = {{Birth date and age|1944|7|31|mf=y}}
| birth_place = [[New York City, New York]], U.S.
| workplaces = [[Massachusetts Institute of Technology]] [[Harvard University]]<br>
| alma_mater = [[Columbia University]]<br>[[California Institute of Technology]]<br>[[Massachusetts Institute of Technology]]
| doctoral_advisor = [[Paul Samuelson]]
| doctoral_students = [[Jonathan E. Ingersoll]]<ref>Ingersoll, Jonathan E. (1976), ''[http://library.mit.edu/F/MMBCVN4JS3RETT4NKLXY7N3VRL745E6GUHLDE6GY3VEF3T1H61-07950?func=full-set-set&set_number=005761&set_entry=000002&format=999 A contingent-claims valuation of convertible bonds and the optimal policies for call and conversion]''. Ph.D. dissertation, Massachusetts Institute of Technology.</ref> <br>[[Robert Jarrow]]
| known_for = [[Black–Scholes–Merton model]]<br>[[ICAPM]]<br> [[Merton's portfolio problem]]<br>[[Merton model]]<br>[[Fractional Finance]]<br>[[Long-Term Capital Management]]
| field = [[Finance]], [[economics]]
| prizes = [[Nobel Memorial Prize in Economic Sciences]] (1997)
| father=[[Robert K. Merton]]
}}

'''Robert Cox Merton''' (born July 31, 1944) is an American [[economist]], [[Nobel Memorial Prize in Economic Sciences]] laureate, and professor at the [[MIT Sloan School of Management]], known for his pioneering contributions to continuous-time finance, especially the first continuous-time option pricing model, the [[Black–Scholes–Merton model]].<ref name="Bodie"/><ref name="Andrew">{{cite journal |last1=Lo |first1=Andrew W. |title=Robert C. Merton: The First Financial Engineer |journal=Annual Review of Financial Economics |date=1 November 2020 |volume=12 |issue=1 |pages=1–18 |doi=10.1146/annurev-financial-042720-055018 |s2cid=225533917 |url=https://www.annualreviews.org/doi/full/10.1146/annurev-financial-042720-055018 |language=en |issn=1941-1367}}</ref><ref name="Carr">{{cite news |last1=Carr |first1=Peter |title=Harvard's Financial Scientist |url=http://rmerton.scripts.mit.edu/rmerton/wp-content/uploads/2015/11/Harvards_Financial-Scientist.pdf |access-date=27 March 2023 |work=Bloomberg Markets |issue=October |date=2006|pages=166–169}}</ref>
In 1997 Merton together with [[Myron Scholes]] were awarded the [[Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel]] for the method to determine the value of [[derivative (finance)|derivatives]].<ref name="nobelprize.org"/><ref>{{cite web |title=The Permanent Exhibit - Option Pricing in Theory & Practice: The Nobel Prize Research of Robert C. Merton - Exhibits - Historical Collections - Harvard Business School |url=https://www.library.hbs.edu/hc/exhibits/merton/view/ |website=Harvard Business School |access-date=25 March 2023}}</ref>

Merton was on the board of directors of [[Long-Term Capital Management]] (LTCM), a highly leveraged hedge fund that collapsed in 1998, wiping out most of the value paid in by the investors, and requiring a $3.6 billion bailout from a group of 14 banks, in a deal brokered and put together by the Federal Reserve Bank of New York.<ref>{{cite web |title=Too Interconnected to Fail? |url=https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2009/summer/pdf/economic_history.pdf}}</ref>

Merton's current research focus is on the topics of lifecycle investing<ref name="Zvi">{{cite journal |last1=Bodie |first1=Zvi |title=Thoughts on the Future: Life-Cycle Investing in Theory and Practice |journal=Financial Analysts Journal |date=2003 |volume=59 |issue=1 |pages=24–29 |doi=10.2469/faj.v59.n1.2500 |jstor=4480448 |s2cid=218511875 |url=https://www.jstor.org/stable/4480448 |access-date=27 March 2023 |issn=0015-198X}}</ref> and [[retirement funding]],<ref name="Pechter">{{cite news |last1=Pechter |first1=Kerry |title=How to Solve the World's Retirement Crisis |url=https://retirementincomejournal.com/article/how-to-solve-the-global-retirement-crisis/ |access-date=27 March 2023 |work=Retirement Income Journal |date=January 28, 2021}}</ref> measuring and monitoring [[systemic risk]]s in [[macrofinance]],<ref name="Gray">{{cite journal |last1=Gray |first1=Dale F. |last2=Merton |first2=Robert C. |last3=Bodie |first3=Zvi |title=New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability |series=Working Paper Series |url=https://www.nber.org/papers/w13607 |publisher=National Bureau of Economic Research |access-date=27 March 2023 |date=November 2007|doi=10.3386/w13607 |s2cid=166791735 }}</ref> and financial innovation coupled with changing dynamics in financial institutions.<ref name="MIT">{{cite web |title=Robert C. Merton |url=https://mitsloan.mit.edu/faculty/directory/robert-c-merton |website=MIT Sloan |access-date=25 March 2023 |language=en}}</ref>

==Early life and education==
Merton was born in [[New York City]] to sociologist [[Robert K. Merton]] and Suzanne Carhart, who was from a "multigenerational southern New Jersey Methodist/Quaker family."<ref name="nobelprize.org">{{Nobelprize|accessdate=2020-10-11 |name=Robert C. Merton}}</ref> He grew up in [[Hastings-on-Hudson, New York]].<ref name="nobelprize.org"/>

Merton earned a Bachelor of Science in Engineering Mathematics from the [[Columbia School of Engineering and Applied Science|School of Engineering and Applied Science]] of [[Columbia University]], a Masters of Science from the [[California Institute of Technology]], and his doctorate in economics from the [[Massachusetts Institute of Technology]] in 1970 under the guidance of [[Paul Samuelson]].<ref name="Bodie">{{cite journal |last1=Bodie |first1=Zvi |title=Robert C. Merton and the Science of Finance |journal=Annual Review of Financial Economics |date=1 November 2020 |volume=12 |issue=1 |pages=19–38 |doi=10.1146/annurev-financial-100520-074656 |url=https://doi.org/10.1146/annurev-financial-100520-074656 |access-date=25 March 2023 |language=en |issn=1941-1367}}</ref>

==Career==
In 1970 Merton joined the faculty of the [[MIT Sloan School of Management]], where he taught until 1988.<ref>{{cite web | author=Faculty research Department | title=Biography&nbsp;– Robert C. Merton | url=http://dor.hbs.edu/fi_redirect.jhtml?facInfo=bio&facEmId=rmerton&loc=extn | publisher=Harvard Business School | year=2008 | access-date=August 30, 2008 | url-status=live | archive-url=https://web.archive.org/web/20070608111620/http://dor.hbs.edu/fi_redirect.jhtml?facInfo=bio&facEmId=rmerton&loc=extn | archive-date=June 8, 2007 | df=mdy-all }}</ref> Subsequently, Merton moved to [[Harvard University]], where he was George Fisher Baker Professor of Business Administration from 1988 to 1998. He was the John and Natty McArthur University Professor from 1998 to 2010, becoming professor emeritus at Harvard University in 2010.<ref name="MIT"/><ref name="HBS">{{cite web |title=Robert C. Merton - Faculty & Research |url=https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6511 |website=Harvard Business School |access-date=27 March 2023 |language=en}}</ref>

In 2010 Robert C. Merton rejoined the MIT Sloan School of Management<ref>{{cite news |title=Nobel laureate Robert C. Merton PhD '70 rejoins MIT Sloan faculty |url=https://news.mit.edu/2010/merton |access-date=27 March 2023 |work=MIT News {{!}} Massachusetts Institute of Technology |date=June 17, 2010 |language=en}}</ref> where he is the School of Management Distinguished Professor of Finance.<ref name="MIT"/> Since 2010,  he also has been a Resident Scientist at [[Dimensional Fund Advisors]], working on pension management.<ref name="Garcia-Feijóo">{{cite book |last1=Garcia-Feijóo |first1=Luis |last2=Siegel |first2=Laurence B. |last3=Kohn |first3=Timothy R. |title=Robert C. Merton and the Science of Finance: A Collection |date=2020 |publisher=CFA Institute Research Foundation |isbn=978-1-944960-07-0 |url=https://books.google.com/books?id=AY7zDwAAQBAJ&pg=PT6 |language=en}}</ref>

Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new methodology to value derivatives.<ref name="nobelprize.org"/> He is past President of the American Finance Association (1986),<ref name="AFA"/> a member of the National Academy of Sciences (1993)<ref name="NAS"/> and a fellow of the American Academy of Arts and Sciences.<ref name="Vane"/>

He remained on the faculty at MIT in 2021.<ref>{{Citation |last=Dizikes |first=Peter |date=May 12, 2021 |title=Robert C. Merton honored with MIT's Killian Award |publisher=MIT News|url=https://news.mit.edu/2021/robert-merton-killian-award-0512 |access-date=4 April 2024}}</ref>

==Research==
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 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 ''Continuous-Time Finance'', and a co-author of ''Cases in Financial Engineering: Applied Studies of Financial Innovation'' and ''The Global Financial System: A Functional Perspective; Finance; and Financial Economics''. Merton was a founding co-editor of the ''[[Annual Review of Financial Economics]]'', serving from 2009 to 2021.<ref>{{cite journal |last1=Lo |first1=Andrew W. |last2=Merton |first2=Robert C. |title=Preface to the Annual Review of Financial Economics |journal=Annual Review of Financial Economics |date=5 December 2009 |volume=1 |issue=1 |pages=01–17 |doi=10.1146/annurev-financial-071808-145225 |url=https://www.annualreviews.org/doi/10.1146/annurev-financial-071808-145225 |access-date=16 September 2021|hdl=1721.1/66557 |s2cid=154747017 |hdl-access=free }}</ref><ref name="Lo">{{cite journal |last1=Lo |first1=Andrew W. |last2=Merton |first2=Robert C. |title=A Look Back and a Way Forward |journal=Annual Review of Financial Economics |date=1 November 2021 |volume=13 |issue=1 |pages=v–viii |doi=10.1146/annurev-fe-13-090321-100001 |s2cid=240443908 |url=https://doi.org/10.1146/annurev-fe-13-090321-100001 |access-date=27 January 2022 |language=en |issn=1941-1367}}</ref>

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,<ref>{{cite news |url=http://news.cornell.edu/stories/1997/08/cornell-management-expert-named-financial-engineer-year |title=Robert Jarrow is cited as one of the world's leading finance theorists |last= Hittleman|first=Margo |date=19 August 1997 |newspaper=[[Cornell Chronicle]] |access-date=5 February 2018 |quote=Past recipients of the Financial Engineer of the Year award include Robert Merton (Harvard), Fischer Black, Mark Rubinstein (Berkeley) and Stephen Ross (Yale).}}</ref> which also elected him a senior fellow. ''Derivatives Strategy'' magazine named him to its Derivatives Hall of Fame in 1998<ref name="Persson">{{cite book |last1=Persson |first1=Torsten |title=Economic Sciences, 1996-2000 |date=2003 |publisher=World Scientific |isbn=978-981-02-4961-8 |url=https://books.google.com/books?id=6zjTc0SR--oC&pg=PA77 |language=en}}</ref> as did ''Risk'' 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.<ref name="Read">{{cite book |last1=Read |first1=C. |title=The Rise of the Quants: Marschak, Sharpe, Black, Scholes and Merton |date=7 June 2012 |publisher=Springer |isbn=978-1-137-02614-9 |url=https://books.google.com/books?id=XSkElfR6kIIC&pg=PT120 |language=en}}</ref> A distinguished fellow of the Institute for Quantitative Research in Finance ('Q Group', 1997)<ref name="nobelprize.org"/> and a fellow of the Financial Management Association (2000),<ref name="FMA"/> Merton received the Nicholas Molodovsky Award for Outstanding Contribution to Investment Research from the [[CFA Institute]] (2003).<ref name="CFA">{{cite web |title=CFA Institute Awards |url=https://www.cfainstitute.org/-/media/documents/corporate-record/award-recipients.pdf |website=CFA Institute |access-date=27 March 2023}}</ref>

His first professional association with a hedge fund came in 1968. His advisor at the time, [[Paul Samuelson]], brought him on board Arbitrage Management Company (AMC), to join founder [[Michael Goodkin]] and chief executive [[Harry Markowitz]]. AMC is the first known attempt at computerized arbitrage trading. After a successful run as a private hedge fund, AMC was sold to Stuart & Co. in 1971.<ref>Goodkin, Michael. ''The Wrong Answer Faster: The Inside Story of Making the Machine that Trades Trillions''. John Wiley & Sons, 2012</ref> In 1993, Merton co-founded a hedge fund, [[Long-Term Capital Management]], which earned high returns for four years but later lost $4.6 billion in 1998 and was bailed out by a consortium of banks and closed out in early 2000.<ref>{{cite news |url=https://www.barrons.com/articles/a-good-time-for-caution-in-the-markets-1499489952 |title=A Good Time for Caution in the Markets |last= Sears|first=Steven |date=8 July 2017 |newspaper=[[Barron's (newspaper)|Barron's]] |access-date=5 February 2018 }}</ref><ref name="Edwards">{{cite journal |last1=Edwards |first1=Franklin R. |title=Hedge Funds and the Collapse of Long-Term Capital Management |journal=The Journal of Economic Perspectives |date=1999 |volume=13 |issue=2 |pages=189–210 |doi=10.1257/jep.13.2.189 |jstor=2647125 |url=https://www.jstor.org/stable/2647125 |issn=0895-3309}}</ref>

==Personal life==
Merton married June Rose in 1966. They separated in 1996. They have three children: two sons and one daughter.<ref name="NBio">{{Cite web |title=The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1997 |url=https://www.nobelprize.org/prizes/economic-sciences/1997/merton/biographical/ |access-date=2022-10-30 |website=NobelPrize.org |language=en-US}}</ref>

==Honours and awards==
* In 1986, Merton became a Fellow at the American Academy of Arts and Sciences.<ref name="Vane">{{cite book|url=https://books.google.com/books?id=tXsAAgAAQBAJ&pg=PA256 |title=The Nobel Memorial Laureates in Economics: An Introduction to Their Careers and Main Published Works|first1=Howard R.|last1=Vane|first2=Chris|last2=Mulhearn|date=December 6, 2017|publisher=Edward Elgar Publishing|access-date=December 6, 2017|via=Google Books|url-status=live|archive-url=https://web.archive.org/web/20171206114816/https://books.google.com/books?id=tXsAAgAAQBAJ&pg=PA256&lpg=PA256&dq=1986+Merton++Fellow+at+the+American+Academy+of+Arts+and+Sciences.&source=bl&ots=mcp5_AF1Jv&sig=gwZuJvSlC_a4N1KDKJaWF5VzSBA&hl=en&sa=X&ved=0ahUKEwiw5tKk0d_XAhWDmeAKHc9AC8kQ6AEIOzAD#v=onepage&q=1986+Merton++Fellow+at+the+American+Academy+of+Arts+and+Sciences.&f=false|archive-date=December 6, 2017|df=mdy-all|isbn=9781845426897}}</ref>
* In 1986, Merton was President of the American Finance Association.<ref name="AFA">{{cite web |title=Past Presidents |url=https://afajof.org/past-presidents/ |website=The American Finance Association |access-date=27 March 2023}}</ref>
* In 1993, Merton became a member of the U.S. [[United States National Academy of Sciences]].<ref name="NAS">{{cite web |title=Robert C. Merton |url=http://www.nasonline.org/member-directory/members/64206.html |website=National Academy of Sciences |access-date=27 March 2023}}</ref>
* In 1993, Merton was awarded the International INA - Accademia Nazionale dei Lincei Prize, National Academy of Lincei, Rome.<ref name="nobelprize.org"/>
* In 1993, Merton won the inaugural Financial Engineer of the Year Award by the International Association of Financial Engineers (since renamed [[International Association for Quantitative Finance]]).<ref name="Vane"/>
* In 1994, Merton became of Senior Fellow at the International Association of Financial Engineers (since renamed International Association for Quantitative Finance)<ref>{{cite web |title=Robert Merton |url=https://cepr.org/about/people/robert-merton |website=CEPR |date=August 21, 2018 |access-date=27 March 2023 |language=en}}</ref>
* In 1997, Merton became a Distinguished Fellow at the Institute for Quantitative Research in Finance ('Q Group').<ref name="nobelprize.org"/>
* In 1997, Merton was awarded the [[Nobel Memorial Prize in Economic Sciences]] with [[Myron Scholes]] for their work on stock options.<ref>{{cite journal | title=Theory of Rational Option Pricing | last=Merton |first=Robert C.| journal=Bell Journal of Economics and Management Science | year=1973| volume=4| issue=1 | pages=141–183 | doi=10.2307/3003143 | publisher=The RAND Corporation | jstor=3003143| hdl=10338.dmlcz/135817 | hdl-access=free }}</ref>
* In 1998, Merton was awarded the Michael I. Pupin Medal for Service to the Nation from Columbia University.<ref>{{cite web|url=http://www.hbs.edu/faculty/m/Pages/profile.aspx?facId=6511|title=Robert C. Merton - Faculty & Research - Harvard Business School|website=www.hbs.edu|access-date=December 6, 2017|url-status=live|archive-url=https://web.archive.org/web/20170928203129/http://www.hbs.edu/faculty/m/Pages/profile.aspx?facId=6511|archive-date=September 28, 2017|df=mdy-all}}</ref>
* In 1999, Merton was awarded a lifetime achievement award in mathematical finance.<ref>Robert A. Jarrow [http://www.bu.edu/mfd/mfdmerton.pdf Speech in Honor of Robert C. Merton 1999 Mathematical Finance Day Lifetime Achievement Award] {{webarchive|url=https://web.archive.org/web/20111212200647/http://www.bu.edu/mfd/mfdmerton.pdf |date=December 12, 2011 }}. bu.edu. April 25, 1999</ref>
* In 2000, Merton became a FMA Fellow at the Financial Management Association.<ref name="FMA">{{cite web|url=http://www.fma.org/fellow-program|title=Fellow Program|first=Karen|last=Wright|website=www.fma.org|access-date=December 6, 2017|url-status=live|archive-url=https://web.archive.org/web/20171201034151/http://www.fma.org/fellow-program|archive-date=December 1, 2017|df=mdy-all}}</ref>
* In 2000, Merton became a Fellow at the Society of Fellows, American Finance Association.<ref>{{cite web|url=http://www.afajof.org/details/page/3720801/Fellows.html|title=- American Finance Association|website=www.afajof.org|access-date=December 6, 2017|url-status=dead|archive-url=https://web.archive.org/web/20171201030231/http://www.afajof.org/details/page/3720801/Fellows.html|archive-date=December 1, 2017|df=mdy-all}}</ref>
* In 2003 Merton received the Nicholas Molodovsky Award for Outstanding Contribution to Investment Research from the [[CFA Institute]].<ref name="CFA"/>
* In 2005 the Baker Library at Harvard University opened The Merton Exhibit in his honor.<ref>{{cite web|url=http://www.library.hbs.edu/hc/exhibits/merton/about.htm |title=Baker Library: About the Merton Exhibit |date=June 7, 2008 |access-date=March 29, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20080607091150/http://www.library.hbs.edu/hc/exhibits/merton/about.htm |archive-date=June 7, 2008 }}</ref>
* In 2009, Merton was awarded the Robert A. Muh Award in the Humanities, Arts and Social Sciences from Massachusetts Institute of Technology.<ref>{{cite web|url=https://shass.mit.edu/news/news-2009-merton-receives-muh-award|title=MIT SHASS: News - 2009 - Merton receives Muh Award|website=shass.mit.edu|access-date=December 6, 2017|url-status=live|archive-url=https://web.archive.org/web/20151006092732/http://shass.mit.edu/news/news-2009-merton-receives-muh-award|archive-date=October 6, 2015|df=mdy-all}}</ref>
* In 2009, Merton was awarded the Tjalling  C. Koopmans Asset Award from Tilburg University.<ref>{{cite web|url=http://www.nber.org/reporter/2011number1/news.html|title=The NBER Reporter 2011 Number 1: News|website=www.nber.org|access-date=December 6, 2017|url-status=live|archive-url=https://web.archive.org/web/20170610080950/http://nber.org/reporter/2011number1/news.html|archive-date=June 10, 2017|df=mdy-all}}</ref>
* In 2010, Merton received the Kolmogorov medal from the University of London.<ref>[http://www.kolmogorov.clrc.rhul.ac.uk/pastwinners.html The Kolmogorov Lecture and Medal] {{webarchive|url=https://web.archive.org/web/20100427055046/http://www.kolmogorov.clrc.rhul.ac.uk/pastwinners.html |date=April 27, 2010 }}. Kolmogorov.clrc.rhul.ac.uk (November 13, 2009). Retrieved on January 29, 2012.</ref>
* In 2010, Merton received the Hamilton Medal from the Royal Irish Academy.<ref>{{cite web|url=http://www.tcd.ie/news_events/articles/tcd-mathematics-student-wins-hamilton-prize-2010/1601|title=TCD Mathematics Student Wins Hamilton Prize 2010|first=Trinity News and Events, Trinity College|last=Dublin|website=www.tcd.ie|access-date=December 6, 2017|url-status=live|archive-url=https://web.archive.org/web/20171206114816/http://www.tcd.ie/news_events/articles/tcd-mathematics-student-wins-hamilton-prize-2010/1601|archive-date=December 6, 2017|df=mdy-all|date=November 23, 2010}}</ref>
* In 2011, Merton received the CME Group Melamed-Arditti Innovation Award.<ref>{{cite web|url=http://www.cmegroup.com/company/center-for-innovation/melamed-arditti-innovation-award-winner-2014.html|title=CME Group's 2014 Melamed-Arditti Innovation Award - CME Group|website=www.cmegroup.com|access-date=December 6, 2017|url-status=live|archive-url=https://web.archive.org/web/20170609064442/http://www.cmegroup.com/company/center-for-innovation/melamed-arditti-innovation-award-winner-2014.html|archive-date=June 9, 2017|df=mdy-all}}</ref>
* In 2013, Merton received the WFE Award for Excellence from the World Federation of Exchanges.<ref>{{cite web|url=https://www.world-exchanges.org/home/index.php/news/world-exchange-news/wfe-to-award-the-2013-wfe-award-for-excellence-to-nobel-laureates-robert-c-merton-and-myron-s-scholes|title=WFE to award the 2013 WFE Award for Excellence to Nobel Laureates Robert C. Merton and Myron S. Scholes|website=world-exchanges.org|access-date=December 6, 2017|url-status=live|archive-url=https://web.archive.org/web/20171201033419/https://www.world-exchanges.org/home/index.php/news/world-exchange-news/wfe-to-award-the-2013-wfe-award-for-excellence-to-nobel-laureates-robert-c-merton-and-myron-s-scholes|archive-date=December 1, 2017|df=mdy-all}}</ref>
* In 2014, Merton received the Lifetime Achievement Award from the Financial Intermediation Research Society.<ref>{{cite web |url=http://finance.wharton.upenn.edu/conferences/firsprogram/FIRS2014Program.pdf |title=Archived copy |access-date=2017-11-27 |url-status=live |archive-url=https://web.archive.org/web/20150908144503/http://finance.wharton.upenn.edu/conferences/firsprogram/FIRS2014Program.pdf |archive-date=September 8, 2015 |df=mdy-all }}</ref>
* In 2017, Merton received the Finance Diamond Price from the Fundacion de Investigacion IMEF, Mexico.<ref>{{cite web|url=http://www.imef-eventos.org.mx/2017/fundacion/congreso/programa_general.php|title=VII Congreso de Investigación Financiera IMEF 2017|website=www.imef-eventos.org.mx|access-date=December 6, 2017|url-status=live|archive-url=https://web.archive.org/web/20171206114816/http://www.imef-eventos.org.mx/2017/fundacion/congreso/programa_general.php|archive-date=December 6, 2017|df=mdy-all}}</ref>
* In 2022, Merton received a Lifetime Achievement Award from the Plan Sponsor Council of America (PSCA).<ref name="PSCA">{{cite news |title=PSCA Honors Nancy Gerrie and Robert C. Merton with Lifetime Achievement Awards |url=https://www.usaretirement.org/psca-honors-nancy-gerrie-and-robert-c-merton-lifetime-achievement-awards |access-date=27 March 2023 |work=American Retirement Association |publisher= |date=April 5, 2022}}</ref>

==Publications==
* ''Theory of rational option pricing'' (1973) [https://archive.org/details/theoryofrational00mert]

==See also==
* [[List of economists]]
* [[List of quantitative analysts]]
* [[List of Jewish Nobel laureates]]

==References==
{{reflist}}

==External links==
{{Wikiquote}}
* [http://robertcmerton.com Official Website]
* [http://pine.hbs.edu/external/facPersonalShow.do?pid=6511 Page at the Harvard Business School]
* [https://www.pbs.org/wgbh/nova/stockmarket/ PBS, ''Nova''&nbsp;– Trillion Dollar Bet (2000)]
* {{Nobelprize}}
* [http://alop.atspace.com/tui/merton-press.html Press Release: The Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel for 1997]
* [http://dspace.mit.edu/handle/1721.1/13875 Doctoral Dissertation]
* [https://ideas.repec.org/f/pme203.html IDEAS/RePEc]
* [http://www.library.hbs.edu/hc/exhibits/merton/view Permanent exhibition of Nobel Medal and Diploma. Harvard Business School]
* [http://www.dfaus.com/ Resident Scientist, Dimensional Fund Advisors]
* [https://web.archive.org/web/20120313070125/http://www.dfaus.com/managed_dc/ Pension solution Dimensional Managed DC]
* [http://www.bu.edu/mfd/mfdmerton.pdf Robert A. Jarrow Speech in Honor of Robert C. Merton 1999 Mathematical Finance Day Lifetime Achievement Award. April 25, 1999] {{Webarchive|url=https://web.archive.org/web/20111212200647/http://www.bu.edu/mfd/mfdmerton.pdf |date=December 12, 2011 }}
* {{webarchive |url=https://web.archive.org/web/20080607091150/http://www.library.hbs.edu/hc/exhibits/merton/about.htm |date=June 7, 2008 |title=Baker Library: About the Merton Exhibit }}
*[http://www.kolmogorov.clrc.rhul.ac.uk/ The Kolmogorov Lecture and Medal. November 13, 2009]
* [https://web.archive.org/web/20131012060724/http://www.ria.ie/news-(1)/hamilton-prize-2010.aspx Hamilton Medal]
* [http://www.cmegroup.com/company/center-for-innovation/fred-arditti-innovation-award.html CME Group Fred Arditti Innovation Award]
* [http://shass.mit.edu/news/news-2011-robert-muh-alumni-award-about Robert Muh Award]
* {{Cite encyclopedia |title=Robert C.Merton (1944– ) |url=http://www.econlib.org/library/Enc/bios/Merton.html |encyclopedia=[[The Concise Encyclopedia of Economics]] |edition=2nd |series=[[Library of Economics and Liberty]] |publisher=[[Liberty Fund]] |year=2008 }}
* {{MathGenealogy|name=Robert Cox Merton}}

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{{s-bef | before = [[James A. Mirrlees]] | before2 = [[William Vickrey]] }}
{{s-ttl | title = [[List of Nobel Memorial Prize laureates in Economics|Laureate of the Nobel Memorial Prize in Economics]] | years = 1997 |alongside= [[Myron S. Scholes]] }}
{{s-aft | after = [[Amartya Sen]] }}
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{{Nobel laureates in economics 1976-2000}}
{{1997 Nobel Prize winners}}

{{Authority control}}

{{DEFAULTSORT:Merton, Robert Carhart}}
[[Category:1944 births]]
[[Category:Living people]]
[[Category:Nobel laureates in Economics]]
[[Category:American Nobel laureates]]
[[Category:Social scientists from New York City]]
[[Category:American people of Russian-Jewish descent]]
[[Category:California Institute of Technology alumni]]
[[Category:Columbia School of Engineering and Applied Science alumni]]
[[Category:American financial economists]]
[[Category:Harvard University faculty]]
[[Category:Long-Term Capital Management]]
[[Category:MIT School of Humanities, Arts, and Social Sciences alumni]]
[[Category:MIT Sloan School of Management faculty]]
[[Category:Members of the United States National Academy of Sciences]]
[[Category:Jewish American economists]]
[[Category:People from Hastings-on-Hudson, New York]]
[[Category:Fellows of the Econometric Society]]
[[Category:Fellows of the American Academy of Arts and Sciences]]
[[Category:National Bureau of Economic Research]]
[[Category:21st-century American economists]]
[[Category:Presidents of the American Finance Association]]
[[Category:Annual Reviews (publisher) editors]]