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Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management. He is a University Professor Emeritus at Harvard University. Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new method to determine the value of derivatives.
Merton’s research focuses on finance theory including lifecycle finance, optimal intertemporal portfolio selection, capital asset pricing, pricing of options, risk corporate debt, loan guarantees, and other complex derivatives securities. He has also written on the operation and regulation of financial institutions. Merton’s current academic interests include financial innovation and dynamics on 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; The Global Financial System: A Functional Perspective; Finance; and Financial Economics. 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, which also elected him a Senior Fellow. Merton received the 2011 CME Group Melamed-Arditti Innovation Award, and the 2013 WFE Award for Excellence from World Federation of Exchanges. A Distinguished Fellow of the Institute for Quantitative Research in Finance (‘Q Group’) and a Fellow of the Financial Management Association, he received the Nicholas Molodovsky Award from the CFA Institute. Merton is a member of the Halls of Fame of the Fixed Income Analyst Society, Risk, and Derivative Strategy magazines. He received Risk’s Lifetime Achievement Award for contributions to the field of risk management. He co-founded Long-Term Capital Management.
Merton is currently Resident Scientist at Dimensional Fund Advisors, where he developed a next-generation integrated pension-management solution system that addresses deficiencies associated with traditional defined-benefit and defined-contribution plans. He is also a past President of the American Finance Association, a member of the National Academy of Sciences, and a fellow of the National Academy of Arts and Sciences. Merton received a B.S. in Engineering Mathematics from Columbia University, a M.S. in Applied Mathematics from California Institute of Technology and a Ph.D. in Economics from Massachusetts Institute of Technology and honorary degrees from ten universities.
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