Scholes, Myron S (1941– )

Canadian-born US economist. He is best known for his work with Fischer Black on the option valuation formula, which has been central to the development of derivative markets. It was further developed by US economist Robert Merton, who was the first to label it the Black-Scholes priority rule. Together with Merton, Scholes was awarded the 1997 Nobel Prize for Economics for their work on what is now known as the Black-Merton-Scholes model.

Scholes completed his undergraduate studies at McMaster University, Hamilton, Ontario, and pursued his graduate studies under Nobel laureate Merton H Miller at the University of Chicago. He taught at the Sloan School of Management at the Massachusetts Institute of Technology (1968–73), the Graduate School of Business at the University of Chicago (1973–83), and the Business School and Law School at Stanford University from 1983 until he retired from teaching in 1996.

His publications include Taxation and Business Strategy: A Planning Approach (1992).