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发信人: zjliu (秋天的萝卜), 信区: Economics
标  题: 诺贝尔经济学奖得主回顾（第四期）
发信站: 哈工大紫丁香 (Sat Mar 20 10:08:04 2004), 站内信件

从1969年至今，有五十多位经济学家获得了诺贝尔经济学奖。他们的研究领域几乎覆

盖了整个经济学的方方面面，他们的成就推动了上世纪经济学的飞速发展。本版隆重推出

“诺贝尔经济学奖得主回顾”系列，让我们重温经济学在上世纪走过的轨迹。

本期为第四期，回顾时间：1992-1997


Nobel Prize in Economics：1992

Gary S. Becker

http://bbs1.nju.edu.cn/file/gary_becker_1992.jpg
(1930- )
经历

American economist, awarded the Nobel Prize for Economics in 1992. He applied

the methods of economics to aspects of human behaviour previously considered m

ore or less the exclusive domain of sociology, anthropology, and demography.

Becker was educated at Princeton University and the University of Chicago (Ph.

D., 1955). He taught economics at the University of Chicago until 1957, when h

e moved to Columbia University; in 1970 he returned to the University of Chica

标  题: 诺贝尔经济学奖得主回顾（第四期）：1992-1997
发信站: 南京大学小百合站 (Fri Mar 19 21:55:50 2004)

从1969年至今，有五十多位经济学家获得了诺贝尔经济学奖。他们的研究领域几乎覆

盖了整个经济学的方方面面，他们的成就推动了上世纪经济学的飞速发展。本版隆重推出

“诺贝尔经济学奖得主回顾”系列，让我们重温经济学在上世纪走过的轨迹。

本期为第四期，回顾时间：1992-1997


Nobel Prize in Economics：1992

Gary S. Becker

http://bbs1.nju.edu.cn/file/gary_becker_1992.jpg
(1930- )
经历

American economist, awarded the Nobel Prize for Economics in 1992. He applied

the methods of economics to aspects of human behaviour previously considered m

ore or less the exclusive domain of sociology, anthropology, and demography.

Becker was educated at Princeton University and the University of Chicago (Ph.

D., 1955). He taught economics at the University of Chicago until 1957, when h

e moved to Columbia University; in 1970 he returned to the University of Chica

go, where from 1983 he was professor of economics and sociology.
贡献

The central premise of Becker's writings is that rational economic choices, ba

sed on self-interest, govern most aspects of human behaviour, not just the pur

chasing and investment decisions traditionally regarded as economic behaviour.

In his dissertation, published in 1957 as The Economics of Discrimination, he

examined race discrimination in labour markets, concluding that it has costs

for both the victim and the perpetrator. In Human Capital (1964) he argued tha

t an individual's investment in education and training is analogous to a compa

ny's investment in new machinery or equipment. In studies such as the 1981 A T

reatise on the Family, Becker analyzed the household as a sort of factory, pro

ducing goods and services such as meals, shelter, and child care. Applying the

ories of production to household behaviour, he was able to make predictions ab

out family size, divorce, and the role of women in the workplace. Subsequent w

ork focused on such subjects as criminal behaviour and addiction.
相关链接

http://www.boston.com/globe/search/stories/nobel/1992/1992d.html
http://www.spc.uchicago.edu/users/gsb1/nobelec.html
http://www.west.it/project/10nob93/becka.htm
http://www.west.it/project/10nob93/beckb.htm
http://www-hoover.stanford.edu/
http://galton.uchicago.edu/~wit/becker.txt
go, where from 1983 he was professor of economics and sociology.
贡献

The central premise of Becker's writings is that rational economic choices, ba

sed on self-interest, govern most aspects of human behaviour, not just the pur

chasing and investment decisions traditionally regarded as economic behaviour.

In his dissertation, published in 1957 as The Economics of Discrimination, he

examined race discrimination in labour markets, concluding that it has costs

for both the victim and the perpetrator. In Human Capital (1964) he argued tha

t an individual's investment in education and training is analogous to a compa

ny's investment in new machinery or equipment. In studies such as the 1981 A T

reatise on the Family, Becker analyzed the household as a sort of factory, pro

ducing goods and services such as meals, shelter, and child care. Applying the

ories of production to household behaviour, he was able to make predictions ab

out family size, divorce, and the role of women in the workplace. Subsequent w

ork focused on such subjects as criminal behaviour and addiction.
相关链接

http://www.boston.com/globe/search/stories/nobel/1992/1992d.html
http://www.spc.uchicago.edu/users/gsb1/nobelec.html
http://www.west.it/project/10nob93/becka.htm
http://www.west.it/project/10nob93/beckb.htm
http://www-hoover.stanford.edu/
http://galton.uchicago.edu/~wit/becker.txt
Fogel first attracted attention in the early 1960s, when he utilized statistic

al analysis to argue that the development of railroads in the United States in

the 19th century had contributed little to the overall growth of the economy.

The publication in 1974 of Time on the Cross: The Economics of American Negro

Slavery, which he wrote with Stanley L. Engerman, generated considerable cont

roversy, because it contended that slavery had been a profitable enterprise th

at had collapsed for political, rather than economic, reasons. The resulting f

uror over this theory compelled Fogel to write a defense of his work, Without

Consent or Contract: The Rise and Fall of American Slavery (1989), which inclu

ded a moral condemnation of slavery and clarified his earlier research.
相关链接

http://www.boston.com/globe/search/stories/nobel/1993/1993l.html
http://www.cyberbank.com/
http://ifa.tv/12steps/Step2/Step2Page2.html#
http://www.nobel.se/economics/laureates/1993/fogel-autobio.html
http://ideas.repec.org/e/pfo15.html
http://www.aau.edu/aau/Fogel.html

Douglass C. North

http://bbs1.nju.edu.cn/file/douglass_c_north_1993.jpg
(1920- )
经历

American economist, recipient, with Robert W. Fogel, of the 1993 Nobel Prize f

or Economics. The two were recognized for their pioneering work in cliometrics

--also called "new economic history"--the application of economic theory and s

tatistical methods to the study of history.
North studied economics at the University of California at Berkeley (B.A., 194

2; Ph.D., 1952). From 1950 he taught economics at the University of Washington

, leaving in 1983 to join the faculty of Washington University (St. Louis, Mo.

). From 1960 to 1966 he was director of the Institute for Economic Research, a

nd from 1967 to 1987 he was director of the National Bureau of Economic Resear

ch. He also acted as economic consultant to the governments of Russia, Argenti

na, Peru, and the Czech Republic.
贡献

North's work was primarily theoretical. He argued that technical innovations a

lone are insufficient to propel economic development: in order for a market ec

onomy to flourish, certain legal and social institutions, such as property rig

hts, must be in place. His ideas were expressed in a number of books, includin

g Structure and Change in Economic History (1981) and Institutions, Institutio

nal Change, and Economic Performance (1990).
相关链接

http://www.boston.com/globe/search/stories/nobel/1993/1993l.html
http://perso.wanadoo.fr/renaud.phelizon/resaux.htm
http://www.mygale.org/10/rpheliz/universite/reseau1.htm
American economist, recipient, with Robert W. Fogel, of the 1993 Nobel Prize f

or Economics. The two were recognized for their pioneering work in cliometrics

--also called "new economic history"--the application of economic theory and s

tatistical methods to the study of history.
North studied economics at the University of California at Berkeley (B.A., 194

2; Ph.D., 1952). From 1950 he taught economics at the University of Washington

, leaving in 1983 to join the faculty of Washington University (St. Louis, Mo.

). From 1960 to 1966 he was director of the Institute for Economic Research, a

nd from 1967 to 1987 he was director of the National Bureau of Economic Resear

ch. He also acted as economic consultant to the governments of Russia, Argenti

na, Peru, and the Czech Republic.
贡献

North's work was primarily theoretical. He argued that technical innovations a

lone are insufficient to propel economic development: in order for a market ec

onomy to flourish, certain legal and social institutions, such as property rig

hts, must be in place. His ideas were expressed in a number of books, includin

g Structure and Change in Economic History (1981) and Institutions, Institutio

nal Change, and Economic Performance (1990).
相关链接

http://www.boston.com/globe/search/stories/nobel/1993/1993l.html
http://perso.wanadoo.fr/renaud.phelizon/resaux.htm
http://www.mygale.org/10/rpheliz/universite/reseau1.htm
Harsanyi built on the work of Nash, who had established the mathematical princ

iples of game theory. He enhanced Nash's equilibrium model by introducing the

predictability of rivals' action based on the chance that they would choose on

e move or countermove over another. Harsanyi was also an ethics scholar who co

nducted formal investigations on appropriate behaviour and correct social choi

ces among competitors.
相关链接

http://www.boston.com/globe/search/stories/nobel/1994/1994j.html
http://www.econ.duke.edu/~dag/302/harsanyi/harsanyi1.html
http://www.inch.com/~esoteric/PokerPages/WSOP/1995/PokerAndLife.html
http://hipcat.hungary.org/
http://republika.pl/jsafuta/podatki/no_income_tax.htm
http://www.nobel.se/economics/laureates/1994/harsanyi-autobio.html
http://www.maths.lse.ac.uk/Personal/stengel/Gametheory/harsanyi.html
http://www.anagramgenius.com/archive/theeco18.html

John F. Nash Jr.

http://bbs1.nju.edu.cn/file/john_nash_1994.jpg
(1928- )
经历

American mathematician who was awarded the 1994 Nobel Prize for Economics for

his landmark work, first begun in the 1950s, on the mathematics of game theory

. He shared the Nobel Prize with Hungarian-American economist John C. Harsanyi

and German mathematician Reinhard Selten.
In 1948 Nash received bachelor's and master's degrees in mathematics from the

Carnegie Institute of Technology (now Carnegie-Mellon University) in Pittsburg

h, Pa. Two years later, at age 22, he completed his doctorate at Princeton Uni

versity, publishing his influential thesis "Non-cooperative Games" in the jour

nal Annals of Mathematics. He joined the faculty of the Massachusetts Institut

e of Technology in 1951 but resigned in the late 1950s after bouts of mental i

llness. He then began an informal association with Princeton.
贡献

Nash established the mathematical principles of game theory, a branch of mathe

matics that examines the rivalries among competitors with mixed interests. Kno

wn as the Nash solution, or the Nash equilibrium, his theory attempted to expl

ain the dynamics of threat and action among competitors. Despite its practical

limitations, the Nash solution was widely applied by business strategists.
相关链接

http://www.nobel.se/economics/laureates/1994/press.html
http://www.nobel.se/economics/laureates/1994/nash-autobio.html
http://www.boston.com/globe/search/stories/nobel/1994/1994j.html
http://www-groups.dcs.st-andrews.ac.uk/~history/Mathematicians/Nash.html
http://www.uh.edu/engines/epi983.htm
http://www.nobel.se/economics/laureates/1994/nash-autobio.html
. He shared the Nobel Prize with Hungarian-American economist John C. Harsanyi

and German mathematician Reinhard Selten.
In 1948 Nash received bachelor's and master's degrees in mathematics from the

Carnegie Institute of Technology (now Carnegie-Mellon University) in Pittsburg

h, Pa. Two years later, at age 22, he completed his doctorate at Princeton Uni

versity, publishing his influential thesis "Non-cooperative Games" in the jour

nal Annals of Mathematics. He joined the faculty of the Massachusetts Institut

e of Technology in 1951 but resigned in the late 1950s after bouts of mental i

llness. He then began an informal association with Princeton.
贡献

Nash established the mathematical principles of game theory, a branch of mathe

matics that examines the rivalries among competitors with mixed interests. Kno

wn as the Nash solution, or the Nash equilibrium, his theory attempted to expl

ain the dynamics of threat and action among competitors. Despite its practical

limitations, the Nash solution was widely applied by business strategists.
相关链接

http://www.nobel.se/economics/laureates/1994/press.html
http://www.nobel.se/economics/laureates/1994/nash-autobio.html
http://www.boston.com/globe/search/stories/nobel/1994/1994j.html
http://www-groups.dcs.st-andrews.ac.uk/~history/Mathematicians/Nash.html
http://www.uh.edu/engines/epi983.htm
http://www.nobel.se/economics/laureates/1994/nash-autobio.html
. Nash and John C. Harsanyi for their development of game theory, a branch of

mathematics that examines rivalries among competitors with mixed interests.
相关链接

http://www.boston.com/globe/search/stories/nobel/1994/1994j.html
http://imsdd.meb.uni-bonn.de/selten/selten_biograph.html
http://www.pitt.edu/~alroth/alroth.html
http://www.nobel.se/laureates/economy-1994-3-autobio.html
http://track.econ2.uni-bonn.de/sfb/nobel/nobel.eng.html
http://www.nobel.se/economics/articles/lindbeck/index.html
http://www.nobel.se/economics/laureates/1994/selten-autobio.html
http://www.meb.uni-bonn.de/selten/selten_biograph.html
http://www.wikipedia.org/wiki/Reinhard_Selten

Nobel Prize in Economics：1995

Robert E. Lucas Jr.

http://bbs1.nju.edu.cn/file/robert_lucas_1995.jpg
(1937- )
经历

American economist who won the 1995 Nobel Prize for Economics for developing a

nd applying the theory of rational expectations, an econometric hypothesis whi

ch suggests that individuals may affect the expected results of national fisca

l policy by making private economic decisions based on past experiences and an

ticipated results. His work, which gained prominence in the mid-1970s, questio

ned the influence of John Maynard Keynes in macroeconomics and the efficacy of

government intervention in domestic affairs.
Lucas graduated from the University of Chicago with degrees in history (A.B.,

1959) and economics (Ph.D., 1964). He taught at Carnegie Mellon University, Pi

ttsburgh, Pa., from 1963 to 1974 before returning to Chicago to accept a profe

ssorship of economics in 1975. Lucas' Studies in Business-Cycle Theory (1981)

reprints his research from the 1970s, and Models of Business Cycles (1987) pro

vides an overview of his economic theory.
贡献

The rational expectations hypothesis was first formulated in 1961 by John F. M

uth to explain how traditional models of Keynesian economics fail to predict p

rices in speculative markets. One such Keynesian model, the Phillips curve, pr

oposes that a government can lower the rate of unemployment by stimulating inf

lation and thereby encouraging companies, which anticipate higher revenues, to

raise wages and attract more workers. Lucas' critique of the Phillips curve s

hows that inflation may continue to rise in the long run without a correspondi

ng drop in unemployment because higher production costs and higher consumer pr

ices can eventually offset higher revenues and higher wages, thereby dampening

the expectations of both companies and workers. Lucas was also known for his

contributions to investment theory, international finance, and economic growth

l policy by making private economic decisions based on past experiences and an

ticipated results. His work, which gained prominence in the mid-1970s, questio

ned the influence of John Maynard Keynes in macroeconomics and the efficacy of

government intervention in domestic affairs.
Lucas graduated from the University of Chicago with degrees in history (A.B.,

1959) and economics (Ph.D., 1964). He taught at Carnegie Mellon University, Pi

ttsburgh, Pa., from 1963 to 1974 before returning to Chicago to accept a profe

ssorship of economics in 1975. Lucas' Studies in Business-Cycle Theory (1981)

reprints his research from the 1970s, and Models of Business Cycles (1987) pro

vides an overview of his economic theory.
贡献

The rational expectations hypothesis was first formulated in 1961 by John F. M

uth to explain how traditional models of Keynesian economics fail to predict p

rices in speculative markets. One such Keynesian model, the Phillips curve, pr

oposes that a government can lower the rate of unemployment by stimulating inf

lation and thereby encouraging companies, which anticipate higher revenues, to

raise wages and attract more workers. Lucas' critique of the Phillips curve s

hows that inflation may continue to rise in the long run without a correspondi

ng drop in unemployment because higher production costs and higher consumer pr

ices can eventually offset higher revenues and higher wages, thereby dampening

the expectations of both companies and workers. Lucas was also known for his

contributions to investment theory, international finance, and economic growth

bel Prize for Economics with William Vickrey of Columbia University.
Mirrlees studied mathematics at the University of Edinburgh (M.A., 1957) and T

rinity College, Cambridge (Ph.D., 1963). He taught at the University of Oxford

(1969-95) and at Cambridge.
贡献

Mirrlees's groundbreaking models and equations, published in the 1970s, illust

rated the "optimal income taxation" (a progressive tax that included incentive

s for earning) and "moral hazard" (increasing the care taken by insurance poli

cyholders) problems often treated in Vickrey's books. Mirrlees's methodology b

ecame the standard in the economics of asymmetrical information and was used b

y later economists in a variety of applications.
相关链接

http://www.nobel.se/announcement-96/economy96.html
http://www.nobel.se/announcement-96/addecon.html
http://www.nobel.se/announcement-96/ecophoto.html
http://www.rand.org/misc/rje/abstracts/abstracts/1976/Spring_1976._pp._105_131

.html
http://neurolab.ing.unirc.it/researchers/carlo.html
http://mars.superlink.net/dialect
http://www.nobel.se/economics/laureates/1996/mirrlees-autobio.html
http://ideas.repec.org/e/pmi20.html
http://www.anagramgenius.com/archive/theeco16.html

William Vickrey

http://bbs1.nju.edu.cn/file/william_vickrey_1996.jpg
(1914-1996)
经历

Canadian-born American economist who was credited with innovations in the anal

ysis of the problems of incomplete, or asymmetrical, information. He shared th

e 1996 Nobel Prize for Economics with James A. Mirrlees of Great Britain.
Vickrey's family moved to New York when he was only three months old. He was e

ducated at Yale University (B.S., 1935) and Columbia University (M.A., 1937; P

h.D., 1947), where he taught throughout his career. A Quaker, he was a conscie

ntious objector during World War II and spent those years doing public service

and working on a new inheritance tax for Puerto Rico.
Vickrey, perhaps strained under the flurry of activity and scrutiny that follo

wed the Nobel announcement, died of a heart attack just three days after being

named.
贡献

Vickrey had a keen interest in human welfare and often chose projects that had

practical applications. His studies of traffic congestion concluded that pric

ing on commuter trains and toll roads should vary according to usage, with hig

her fees during peak-use periods. This congestion pricing was later adopted by

electric and telephone utilities and airlines. In his doctoral thesis, publis

William Vickrey

http://bbs1.nju.edu.cn/file/william_vickrey_1996.jpg
(1914-1996)
经历

Canadian-born American economist who was credited with innovations in the anal

ysis of the problems of incomplete, or asymmetrical, information. He shared th

e 1996 Nobel Prize for Economics with James A. Mirrlees of Great Britain.
Vickrey's family moved to New York when he was only three months old. He was e

ducated at Yale University (B.S., 1935) and Columbia University (M.A., 1937; P

h.D., 1947), where he taught throughout his career. A Quaker, he was a conscie

ntious objector during World War II and spent those years doing public service

and working on a new inheritance tax for Puerto Rico.
Vickrey, perhaps strained under the flurry of activity and scrutiny that follo

wed the Nobel announcement, died of a heart attack just three days after being

named.
贡献

Vickrey had a keen interest in human welfare and often chose projects that had

practical applications. His studies of traffic congestion concluded that pric

ing on commuter trains and toll roads should vary according to usage, with hig

her fees during peak-use periods. This congestion pricing was later adopted by

electric and telephone utilities and airlines. In his doctoral thesis, publis

hed as Agenda for Progressive Taxation (1947), he advocated an "optimal income

tax" that would be based on long-term earnings rather than yearly income.
In naming him for the 1996 Nobel Prize, the selection committee specifically c

ited his novel approach to auctioneering (now known as a Vickrey auction), whi

ch, through sealed bidding, awards the auctioned item to the highest bidder bu

t at the sum bid by the second-highest bidder. According to Vickrey, in guaran

teeing the lower price, both buyers and sellers benefit from bids that more ac

curately reflect the value of the item.
相关链接

http://www.nobel.se/announcement-96/economy96.html
http://www.nobel.se/announcement-96/addecon.html
http://www.columbia.edu/cu/pr/18968.html
http://www.columbia.edu/cu/pr/18977.html
http://www.nobel.se/announcement-96/ecophoto.html
http://www.rand.org/misc/rje/abstracts/abstracts/1971/Spring_1971._pp._337_346

.html
http://www.cybergate.com/~tahoe/republic/nobelprizewinners.html
http://pw2.netcom.com/~masonc/vickrey.html
http://www.insightcomputer.com/ami
http://www.dailyrepublican.com/nobelprizewinners.html
http://masonc.home.netcom.com/vickrey.html
http://www.nobel.se/economics/laureates/1996/vickrey-bio.html
http://www.nobel.se/announcement-97/ecoback97.html
http://www.hbs.edu/bios/rmerton.html
http://www.hbs.edu/research/summaries/rmerton.html
http://www.people.hbs.edu/rmerton/publications.html
http://www.numa.com/links/index.htm
http://www.vt.edu:10021/business/finance/dmc/DRU/contents.html
http://cgi-bin.iol.ie/aib/derivs-pe/
http://finance.wat.ch/TermFinance/
http://www.state.pa.us/PA_Exec/Securities/corpfin/derivbro.html
http://www.iwu.edu/~akapur/java/index.html
http://www.wspc.com.sg/journals/journals.html
http://www.hbs.edu/about/nobel.html
http://www.futuresmag.com/
http://www.invest-faq.com/articles/toc.html#Derivatives
http://www.eur.nl/few/ocfeb/harry/papershd.html
http://www.darkcorners.com/derivative/
http://www.in-the-money.com/
http://mars.superlink.net/dialect
http://www.investopedia.com/
http://finmath.com/Chicago/NAFTCORP/Bookshelf.html
http://www.fenews.com/
http://www.pbs.org/wgbh/nova/stockmarket/
http://www.nobel.se/announcement-97/ecoback97.html
http://www.hbs.edu/bios/rmerton.html
http://www.hbs.edu/research/summaries/rmerton.html
http://www.people.hbs.edu/rmerton/publications.html
http://www.numa.com/links/index.htm
http://www.vt.edu:10021/business/finance/dmc/DRU/contents.html
http://cgi-bin.iol.ie/aib/derivs-pe/
http://finance.wat.ch/TermFinance/
http://www.state.pa.us/PA_Exec/Securities/corpfin/derivbro.html
http://www.iwu.edu/~akapur/java/index.html
http://www.wspc.com.sg/journals/journals.html
http://www.hbs.edu/about/nobel.html
http://www.futuresmag.com/
http://www.invest-faq.com/articles/toc.html#Derivatives
http://www.eur.nl/few/ocfeb/harry/papershd.html
http://www.darkcorners.com/derivative/
http://www.in-the-money.com/
http://mars.superlink.net/dialect
http://www.investopedia.com/
http://finmath.com/Chicago/NAFTCORP/Bookshelf.html
http://www.fenews.com/
http://www.pbs.org/wgbh/nova/stockmarket/
http://www.few.eur.nl/few/research/ocfeb/homepages/harry/index.htm
http://finmath.com/
http://www.nobel.se/economics/laureates/1997/merton-autobio.html
http://www.people.hbs.edu/rmerton/

Myron S. Scholes

http://bbs1.nju.edu.cn/file/myron_scholes_1997.jpg
(1941- )
经历

Canadian-born American economist best known for his work with colleague Fische

r Black on the Black-Scholes option valuation formula, which boosted the stock

option market by reducing risk for investors. Scholes shared the 1997 Nobel P

rize for Economics with Robert C. Merton, who generalized the Black-Scholes fo

rmula to make it apply to other areas of finance. (Black, who died in 1995, wa

s ineligible for the Nobel Prize, which is not awarded posthumously.)
After attending McMaster University, Hamilton, Ont., Can. (B.A., 1961), Schole

s studied under Nobel laureate Merton H. Miller at the University of Chicago (

M.B.A., 1964; Ph.D., 1970). Scholes taught at the Massachusetts Institute of T

echnology (1968-73) and the University of Chicago (1973-83) before joining Sta

nford University in 1983 as a professor of both law and finance. He also worke

d with many economic and financial institutions, including the National Bureau

of Economic Research, Salomon Brothers, and Long-Term Capital Management, whi

http://www.few.eur.nl/few/research/ocfeb/homepages/harry/index.htm
http://finmath.com/
http://www.nobel.se/economics/laureates/1997/merton-autobio.html
http://www.people.hbs.edu/rmerton/

Myron S. Scholes

http://bbs1.nju.edu.cn/file/myron_scholes_1997.jpg
(1941- )
经历

Canadian-born American economist best known for his work with colleague Fische

r Black on the Black-Scholes option valuation formula, which boosted the stock

option market by reducing risk for investors. Scholes shared the 1997 Nobel P

rize for Economics with Robert C. Merton, who generalized the Black-Scholes fo

rmula to make it apply to other areas of finance. (Black, who died in 1995, wa

s ineligible for the Nobel Prize, which is not awarded posthumously.)
After attending McMaster University, Hamilton, Ont., Can. (B.A., 1961), Schole

s studied under Nobel laureate Merton H. Miller at the University of Chicago (

M.B.A., 1964; Ph.D., 1970). Scholes taught at the Massachusetts Institute of T

echnology (1968-73) and the University of Chicago (1973-83) before joining Sta

nford University in 1983 as a professor of both law and finance. He also worke

d with many economic and financial institutions, including the National Bureau

of Economic Research, Salomon Brothers, and Long-Term Capital Management, whi

ch was cofounded by Merton.
贡献

The greatest contribution Scholes made to the field of economics and the world

financial market is that which bears his name: the Black-Scholes formula for

option valuation, which was published in 1973. Options represent an agreement

in which the trader or investor has the right to buy or sell an asset at a fix

ed time in the future; without the Black-Scholes formula, investors lacked a m

eans to accurately determine the value of the option at that future time. To r

educe the risk of great losses, investors calculated a risk premium; however,

there was not an exact method to determine such a premium. The Black-Scholes f

ormula reduced the complexity of investing in options by showing that risk pre

miums are already factored into the price of the stock. Though it was rather c

omplex and involved many assumptions and restrictions, the Black-Scholes formu

la made option and derivative trades much more accessible to investors and was

adapted by traders worldwide as the main method for valuing stock options. Me

rton later relaxed many of the restrictions to make the formula applicable to

other areas of finance, such as home mortgages, and to risk management in gene

ral.
相关链接

http://www.nobel.se/announcement-97/economy97.html
http://www.nobel.se/announcement-97/ecoback97.html
http://www-leland.stanford.edu/dept/news/release/971014scholes.html
http://www.numa.com/links/index.htm
http://www.vt.edu:10021/business/finance/dmc/DRU/contents.html
http://cgi-bin.iol.ie/aib/derivs-pe/
http://finance.wat.ch/TermFinance/
http://www.state.pa.us/PA_Exec/Securities/capital/derivatives.html
http://www.iwu.edu/~akapur/java/index.html
http://www-leland.stanford.edu/dept/news/report/news/october15/scholes1.html

http://www.suntimes.com/output/news1/nobel11.htm
http://www-news.uchicago.edu/docs/971014-scholes-nobel.html
http://www.axone.ch/JavaCalculators.htm
http://www.in-the-money.com/
http://www.shu.edu.cn/
http://finmath.com/
http://www.nobel.se/economics/laureates/1997/scholes-autobio.html
http://www.stanford.edu/dept/news/report/news/october3/scholes-103.html
http://www.anagramgenius.com/archive/theeco23.html

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