Robert Merton

School of Management Distinguished Professor of Finance

Biography | Selected Publications

“'Black-Scholes: Robert Merton on the Options Pricing Model,' The 85 Most Disruptive Ideas in Our History." Merton, Robert C. Business Week, December 2014.

“The Crisis in Retirement Planning,” Merton, Robert C., Harvard Business Review, July-August 2014.

“The Crisis in Retirement Planning.” Merton, Robert C. (July-August 2014). Harvard Business Review.

“Measuring the Connectedness of the Financial System: Implications for Risk Management.” ​Merton, Robert C. (March 2014). Asian Development Review, 31(1).

"Observations on Financial Education and Consumer Financial Protection." ​Merton, Robert C. (2014). CFA Institute, no. 3. (2014)

“The Financial Innovator.” Merton, Robert C. Pp. 204-209 in Khanna, Vikram (ed.), Raffles Conversations, Business Times, Singapore, 2014

“Applying life-cycle economics: an income-oriented DC retirement solution that integrates accumulation and payout phases.” ​Merton, Robert C. (June 2013). Report: Looking Forward to Retirement, National Employment Savings Trust, U.K.

Merton, Robert C., “Applying life-cycle economics: an income-oriented DC retirement solution that integrates accumulation and payout phases,” Report: Looking Forward to Retirement, National Employment Savings Trust, U.K., June 2013.

“Applying Lifecycle Economics: Innovation Risk: How to Make Smarter Decisions.” Merton, Robert C. (April 2013). Harvard Business Review.

“Innovation Risk: How to Make Smarter Decisions.” ​Merton, Robert C. (April 2013). Harvard Business Review.

“Systemic Risk and the Refinancing Ratchet Effect.” Khandani, Amir E., Andrew W. Lo, and Robert C. Merton (April 2013). Journal of Financial Economics 108(1) 29–45.

“On a New Approach for Analyzing and Managing Macrofinancial Risks.” ​Merton, Robert C., Monica Billio, Mila Getmansky, Dale Gray, Andrew W. Lo, and Loriana Pelizzon (March-April 2013). Financial Analysis Journal, 69(2): 22-33.

“Harnessing the Building Blocks of Economic Valuation Exploring the Work of Nobel Laureate Robert C. Merton.” ​Merton, Robert C. (2013). Journal of Investment Consulting, IMCA, 14(1): 5-16. (2013)

“Observations on Financial Education and Consumer Financial Protection.” Merton, Robert C. Pp. 1-20 in Bodie, Z., L.B. Siegel, and L. Stanton (eds.), Life-Cycle Investing: Financial Education and Consumer Protection. The Research Foundation of the CFA Institute, 2012. (2013)

“The Value of Implicit Guarantees.” Merton, Robert C., and Zoe Tsesmelidakis. Said Business School and Oxford Man Institute, University of Oxford, 2013.

Annual Reviews of Financial Economics, Volume 3. Merton, Robert C., and Andrew W. Lo (eds.). 2012.

Foreword to Pension Finance, by M. Burton Waring. Merton, Robert C. Wiley, 2012.

Foreword to Risk Less and Prosper, by Zvi Bodie and Rachelle Taqqu. Merton, Robert C. Wiley, 2012.

“Funding Retirement: Next Generation Design.” ​Merton, Robert C. (Winter 2012). JASSA: The Finsia Journal of Applied Finance, 4.

“Dutch Not Facing Up to Pension Troubles.” ​Merton, Robert C. and Jan Snippe. Financial Times, September 27, 2011.

"Transparantie in pensioensector nog ver te zoeken (Adjusted Actuarial Cost Price Conflicts with Transparency Requirement)." ​Merton, Robert C., and Jan Snippe. Financieele Dagblad, March 4, 2010.

"Solutions for the Future." ​Merton, Robert C. Pensions Insight, January 2010.

Annual Reviews of Financial Economics, Volume 2. Merton, Robert C., and Andrew W. Lo (eds.). 2010.

"Measuring and Managing Macrofinancial Risk and Financial Stability: A New Approach." Gray, Dale F., Robert C. Merton and Zvi Bodie. Pp. 125-157 in A. Alfaro, Rodrigo (ed.), Financial Stability, Monetary Policy and Central Banking. Santiago: Central Bank of Chile, 2010.

Observations on Individually Funded Pension System Design: Advances for the Future (2010)

“Observations on Individually Funded Pension System Design: Advances for the Future.” Merton, Robert C. Pp. 61-76 in Developing the Potential of the Individually Funded Pension Systems. Santiago, Chile: International Federation of Pension Fund Administrators, 2010. (2010)

Solutions for the Future (2010)

Transparantie in pensioensector nog ver te zoeken (Adjusted Actuarial Cost Price Conflicts with Transparency Requirement (2010)

"Tribute to Paul A. Samuelson." Merton, Robert C. (Winter 2010). Journal of Portfolio Management, 36(2): 1.

"Disclose the Fair Value of Complex Securities." Kaplan, Robert, Robert C. Merton, and Scott Richard. FT.com, August 2009.

Annual Reviews of Financial Economics, Volume 1. Merton, Robert C., and Andrew W. Lo (eds.). 2009.

Introduction to Part IV of Harry M. Markowitz, Merton H. Miller, William F. Sharpe, Robert C. Merton, and Myron S. Scholes. Vol. 2. Merton, Robert C. Vane, Howard R., and Chris Mulhearn (eds.). Pioneering Papers of the Nobel Memorial Laureates in Economics Series. Edward Elgar Publishing, 2009.

Disclose the Fair Value of Complex Securities (2009)

Financial Economics. Bodie, Zvi, Robert C. Merton, and David L. Cleeton. 2nd ed. N.J.: Prentice Hall, 2009.

"Nobel Laureate Panel Discussion: What Retirement Means to Me." Merton, Robert C., Paul A. Samuelson and Robert M. Solow. Chapter 1 (pp. 1-14) in Bodie, Zvi, Laurence B. Siegel and Rodney N. Sullivan (eds.), The Future of Life-Cycle Saving and Investing: The Retirement Phase. Charlottesville: CFA Institute, Research Foundation Publications, 2009.

"Preface to the Annual Review of Financial Economics." Lo, Andrew W. and Robert C. Merton. Chapter 1 (pp. 1-18) in Lo, Andrew W., and Robert C. Merton (eds.), Annual Review of Financial Economics, Volume 1. Palo Alto: Annual Reviews, 2009.

"A New Generation of Pension Fund Management." Merton, Robert C. Chap. 1 (pp. 1-17) in Fong, H. Gifford (ed.), Innovations in Investment Management.. JOIM Conference Series. New York: Bloomberg Press, 2008.

Foreword to Financial Derivatives Pricing, by Jarrow, Robert A. Merton, Robert C. World Scientific, 2008, xi.-xii.

Foreword to Les nouvelles frontieres de l'Entreprise. Merton, Robert C. Le Cercle des Economistes, 2008, 11-16.

Foreword to Macrofinancial Risk Analysis, by Dale F. Gray and Samuel Malone. Merton, Robert C. John Wiley & Sons, 2008.

Foreword to The World of Equity Derivatives, 10-11. Merton, Robert C. London: Newsdesk Communications Ltd. for Eurex, 2008.

"MIT Roundtable on Corporate Risk Management." Merton, Robert C. (Fall 2008). Journal of Applied Corporate Finance, 20(4): 20-38.

"Applying Modern Risk Management to Equity and Credit Analysis." Merton, Robert C. (December 2007). CFA Institute Conference Proceedings Quarterly 24: 14-22.

"Contingent Claims Approach to Measuring and Managing Sovereign Credit Risk." Gray, Dale F., Robert C. Merton, and Zvi Bodie (2007). Special Issue on Credit Analysis. Journal of Investment Management, 5(4): 5-28. (2007)

"The Future of Retirement Planning." Merton, Robert C. In Bodie, Zvi, Dennis McLeavey and Laurence B. Siegel (eds.), The Future of Life-Cycle Saving and Investing. Research Foundation of CFA Institute, 2007.

"Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?" Jin, Li, Robert C. Merton, and Zvi Bodie (July 2006). Journal of Financial Economics, 81(1): 1-26.

"Made to Measure Is the Best Fit for Future Pensions." ​Mendoza, Roberto G., and Robert C. Merton. Op-Ed. The Financial Times, January 6, 2006.

"Allocating Shareholder Capital to Pension Plans." Merton, Robert C. (Winter 2006). Journal of Applied Corporate Finance, 18(1): 15-24.

"Observations on Innovation in Pension Fund Management in the Impending Future." Merton, Robert C. (Winter 2006). PREA Quarterly: 61-67.

"Paul Samuelson and Financial Economics." Merton, Robert C. (Fall 2006). American Economist, 50(2): 9-31.

"Paul Samuelson and Financial Economics." Merton, Robert C. In Szenberg, Michael, Lall Ramrattan and Aron Gottesman (eds.), Samuelsonian Economics and the Twenty-First Century. Oxford: Oxford University Press, 2006. 

The Derivatives Sourcebook: Foundations and Trends in Finance. Lim, Terence, Andrew W. Lo, Robert C. Merton, and Myron S. Scholes. Now Publishers, 2006.

"You Have More Capital than You Think." Merton, Robert C. (November 2005). Harvard Business Review, 83(11): 84-94.

"Swapping Your Country's Risks." Merton, Robert C. (February 2005). Harvard Business Review, 83(2): 34-36.

A Proposal for Expensing Employee Compensatory Stock Options for Financial Reporting Purposes (2005)

"A Proposal for Expensing Employee Compensatory Stock Options for Financial Reporting Purposes." ​Hancock, Peter, Roberto G. Mendoza, and Robert C. Merton (Summer 2005). Journal of Applied Corporate Finance, 17(3): 95-101.

The Design of Financial Systems: Towards a Synthesis of Function and Structure (2005)

"The Design of Financial Systems: Towards a Synthesis of Function and Structure." ​Merton, Robert C., and Zvi Bodie (2005). Journal of Investment Management, 3(1): 1-23. (2005)

"The Real Problem with Pensions." ​Merton, Robert C. (December 2004). Harvard Business Review, 82(12): 21-22.

"A Simple Way to Value Stock Options." ​Mendoza, Roberto G., Robert C. Merton, and Peter Hancock. The Financial Times, April 2, 2004, 13.

A Simple Way to Value Stock Options (2004)

"Foreword: On Financial Innovation and Economic Growth." Merton, Robert C. Harvard China Review, Spring 2004, 2-3.

"A Better Way to Motivate Staff." ​Mendoza, Roberto G., Peter Hancock, and Robert C. Merton. The Financial Times, August 8, 2003.

"Footnote Reporting Distorts Impact of Stock Options." ​Bodie, Zvi, Robert S. Kaplan, and Robert C. Merton. The Boston Globe, March 16, 2003.

"For the Last Time: Stock Options Are an Expense." ​Bodie, Zvi, Robert S. Kaplan, and Robert C. Merton (March 2003). Harvard Business Review, 81(3).

"Thoughts on the Future: Theory and Practice in Investment Management." Merton, Robert C. (January/February 2003). Financial Analysts Journal, 59(1): 17-23.

Geneva Reports on the World Economy 4: Transparency, Risk Management and International Financial Fragility. Draghi, Mario, Francesco Giavazzi, and Robert C. Merton. International Center for Monetary and Banking Studies, 2003.

"Options Should be Reflected in the Bottom Line." Bodie, Zvi, Robert S. Kaplan, and Robert C. Merton. The Wall Street Journal, August 1, 2002.

"International Pension Swaps." Bodie, Zvi, and Robert C. Merton (January 2002). Journal of Pension Economics and Finance, 1: 77-83.

"Future Possibilities in Finance Theory and Finance Practice." Merton, Robert C. In Geman, H., D. Madan, S. Pliska and T. Vorst (eds.), Mathematical Finance - Bachelier Congress 2000. Berlin: Springer-Verlag, 2002.

Future Possibilities in Finance Theory and Finance Practice in Mathematical Finance - Bachelier Congress 2000, edited by H. Geman, D. Madan, S. Pliska and T. Vorst. Berlin: Springer-Verlag, 2002. (Was HBS Working Paper 01-030.)

“Finance Theory and Future Trends: The Shift to Integration.” Merton, Robert C. (Autumn 2000). Financial Management, 29(3): 94-99.

Foreword to Risk Management, by Michael Crouhy, Dan Galai and Robert Mark. Merton, Robert C. New York: McGraw Hill, 2000.

"Commentary: Finance Theory and Future Trends: The Shift to Integration." Merton, Robert C. (July 1999). Risk: 48-50.

Finance. Bodie, Zvi, and Robert C. Merton. N.J.: Prentice Hall, 1999.

"The Global Financial System Project." Merton, Robert C., and Peter Tufano. In McCraw, T. K., and J. L. Cruikshank (eds.), The Intellectual Venture Capitalist: John H. McArthur and the Work of the Harvard Business School, 1980-1995. Boston: Harvard Business School Press, 1999

"Applications of Option-Pricing Theory: Twenty-Five Years Later." Merton, Robert C. (June 1998). American Economic Review, 88(3): 323-349.

"A Model of Contract Guarantees for Credit-Sensitive, Opaque Financial Intermediaries." Merton, Robert C. (January 1997). European Finance Review, 1(1): 1-13.

"Applications of Option-Pricing Theory: Twenty-Five Years Later." Merton, Robert C. In Les Prix Nobel 1997. Stockholm: Nobel Foundation, 1997.

Foreword to Mathematics of Derivative Securities. Merton, Robert C. Dempster, M. A. H., and S. Pliska (eds.). Cambridge University Press, 1997.

Harrington Financial Group (1997)

"On the Role of the Wiener Process in Finance Theory and Practice: The Case of Replicating Portfolios." Merton, Robert C. In Jerison, D., I. M. Singer and D. W. Stroock (eds.), The Legacy of Norbert Wiener: A Centennial Symposium. Vol. 60. PSPM Series. Providence, R.I.: American Mathematical Society, 1997.

Savings and Loans and the Mortgage Markets (1997)

Smith Breeden Associates: The Equity Plus Fund (A) (1997)

Foreword to Managing Derivative Risks. Merton, Robert C. Chew, L. (ed.). Chichester: John Wiley & Sons, 1996.

Teacher's Manual for Cases in Financial Engineering: Applied Studies of Financial Innovation. Mason, Scott P., Robert C. Merton, André F. Perold, and Peter Tufano. New Jersey: Prentice Hall, 1996.

"Fischer Black." Merton, Robert C., and Myron Scholes (December 1995). Journal of Finance 50: 1359-1370.

"Financial Innovation and the Management and Regulation of Financial Institutions." Merton, Robert C. (July 1995). Journal of Banking and Finance, 19: 461-481.

"A Conceptual Framework for Analyzing the Financial Environment." Merton, Robert C. and Zvi Bodie. Chapter 1 (pp. 3-31) in Crane, Dwight B., Kenneth A. Froot, Scott P. Mason, André Perold, Robert C. Merton, Zvi Bodie, Erik R. Sirri and Peter Tufano (ed.), The Global Financial System: A Functional Perspective. Boston: Harvard Business School Press, 1995.

"A Functional Perspective of Financial Intermediation." Merton, Robert C. (Summer 1995). Financial Management 24: 23-41.

Cases in Financial Engineering: Applied Studies of Financial Innovation. Mason, Scott P., Robert C. Merton, André F. Perold, and Peter Tufano. Englewood Cliffs: Prentice Hall, 1995.

"Financial Infrastructure and Public Policy: A Functional Perspective." Merton, Robert C. and Zvi Bodie. Chap. 8 (pp. 263-282) in Crane, Dwight B., Kenneth A. Froot, Scott P. Mason, André Perold, Robert C. Merton, Zvi Bodie, Erik R. Sirri, and Peter Tufano (eds.), The Global Financial System: A Functional Perspective. Boston: Harvard Business School Press, 1995.

"Mark-to-Market Accounting for Banks and Thrifts: Lessons from the Danish Experience." Bernard, Victor L., Robert C. Merton, and Krishna G. Palepu (Spring 1995). Journal of Accounting Research, 33(1): 1-32.

The Global Financial System: A Functional Perspective. Crane, Dwight B., Kenneth A. Froot, Scott P. Mason, André F. Perold, Robert C. Merton, Zvi Bodie, Erik R. Sirri, and Peter Tufano. Boston: Harvard Business School Press, 1995.

"The Informational Role of Asset Prices: The Case of Implied Volatility." Bodie, Zvi, and Robert C. Merton. Chapter 6 (pp. 197-224) in Crane, Dwight B., Kenneth A. Froot, Scott P. Mason, André Perold, Robert C. Merton, Zvi Bodie, Erik R. Sirri, and Peter Tufano (eds.), The Global Financial System: A Functional Perspective. Boston: Harvard Business School Press, 1995.

"Influence of Mathematical Models in Finance on Practice: Past, Present and Future." Merton, Robert C., R. V. Simons, and A. D. Wilkie (June 1994). Philosophical Transactions of the Royal Society of London, 347(1684): 451-463.

"Pension Benefit Guarantees in the United States: A Functional Analysis." Bodie, Zvi and Robert C. Merton. In Schmitt, Raymond (ed.),The Future of Pensions in the United States. Philadelphia: University of Pennsylvania Press, 1994.

"Optimal Investment Strategies for University Endowment Funds." Merton, Robert C. In Clotfelter, Charles T., and Michael Rothschild (eds.), Studies of Supply and Demand in Higher Education. Chicago: University of Chicago Press, 1993.

"Deposit Insurance Reform: A Functional Approach." Merton, Robert C. and Zvi Bodie. In Meltzer, A., and C. Plosser Carnegie-Rochester Conference Series on Public Policy. Vol. 38. Amsterdam: Elsevier N.V., 1993.

"Management of Risk Capital in Financial Firms." Merton, Robert C., and André F. Perold. Pp. 215-245 in Hayes III, Samuel L. (ed.), Financial Services: Perspectives and Challenges. Boston, MA: Harvard Business School Press, 1993.

"Operation and Regulation in Financial Intermediation: A Functional Perspective." Merton, Robert C. In Englund, Peter (ed.), Operation and Regulation of Financial Markets. Stockholm: The Economic Council, 1993.

"Theory of Risk Capital in Financial Firms." Merton, Robert C., and André Perold (Fall 1993). Journal of Applied Corporate Finance, 6(3): 16-32.

"Pension Reform and Privatization in International Perspective: The Case of Israel." Bodie, Zvi, and Robert C. Merton (August 1992).The Economics Quarterly, No. 152.

"Labor Supply Flexibility and Portfolio Choice in a Life-Cycle Model." Bodie, Zvi, Robert C. Merton, and William Samuelson (July-October 1992). Journal of Economic Dynamics and Control, 16(3-4): 427-449.

"Financial Innovation and Economic Performance." Merton, Robert C. (Winter 1992). Journal of Applied Corporate Finance, 4(4): 12-22.

"On the Management of Financial Guarantees." Merton, Robert C., and Zvi Bodie (Winter 1992). Financial Management, 21: 87-109.

"The Financial System and Economic Performance." Merton, Robert C. (December 1990). Journal of Financial Services Research, 4(4): 263-300.

"Capital Market Theory and the Pricing of Financial Securities." Merton, Robert C. In Friedman, Benjamin M., and F. Hahn. (eds.), Handbook of Monetary Economics. Amsterdam: North-Holland Publishing Company, 1990.

"The Changing Nature of Debt and Equity: A Discussion." Merton, Robert C. In Kopeke, R. W., and E. S. Rosengren (eds.), Are the Distinctions between Debt and Equity Disappearing? Conference Series #33. Federal Reserve Bank of Boston, October 1990.

Continuous-Time Finance. Merton, Robert C. Oxford, U.K.: Basil Blackwell, 1990.

"The Changing Nature of Debt and Equity: A Discussion." In Are the Distinctions between Debt and Equity Disappearing? edited by R. W. Kopeke and E. S. Rosengren. Conference Series #33. Federal Reserve Bank of Boston, 1990.

"On the Application of the Continuous-Time Theory of Finance to Financial Intermediation and Insurance." Merton, Robert C. (July 1989). The Geneva Papers on Risk and Insurance, 14(52): 225-262.

"Defined Benefit versus Defined Contribution Pension Plans: What are the Real Tradeoffs." Bodie, Zvi, Alan J. Marcus and Robert C. Merton. In Bodie, Zvi, John B. Shoven, and David A. Wise (eds.), Pensions in the U.S. Economy. Chicago: University of Chicago Press, 1988.

"A Simple Model of Capital Market Equilibrium with Incomplete Information." Merton, Robert C. (July 1987). Journal of Finance, 42(3): 483-509.

"On the Current State of the Stock Market Rationality Hypothesis." Merton, Robert C. In Dornbusch, Rudiger, Stanley Fischer, and John Bossons (eds.), Macroeconomics and Finance: Essays in Honor of Franco Modigliani. Cambridge, MA: MIT Press, June 1987.

"Dividend Behavior for the Aggregate Stock Market." Marsh, Terry A., and Robert C. Merton (January 1987). Journal of Business, 60(1): 1-40.

"Continuous-Time Stochastic Models." Merton, Robert C. In Eatwell, John, Murray Milgate and Peter Newman (eds.), The New Palgrave: A Dictionary of Economic Theory and Doctrine. London: MacMillan Press, Ltd., 1987.

"In Honor of Nobel Laureate, Franco Modigliani." Merton, Robert C. (Fall 1987). Economic Perspectives, 1(2): 145-155.

"Pension Plan Integration as Insurance against Social Security Risk." Merton, Robert C., Zvi Bodie and Alan J. Marcus. In Bodie, Zvi, John B. Shoven and David A. Wise (eds.), Issues in Pension Economics. Chicago: University of Chicago Press, 1987.

"Dividend Variability and Variance Bounds Tests for the Rationality of Stock Market Prices." Merton, Robert C., and Terry A. Marsh (June 1986). American Economic Review, 76(3): 483-498.

"Implicit Labor Contracts Viewed as Options: A Discussion of 'Insurance Aspects of Pensions.'" Merton, Robert C. In Wise, David A. (ed.), Pensions, Labor, and Individual Choice. Chicago: University of Chicago Press, September 1985.

"Macroeconomics and Finance: The Role of the Stock Market." Merton, Robert C., and Stanley Fischer. In Brunner, Karl, and Allan H. Meltzer (eds.), Essays on Macroeconomic Implications of Financial and Labor Markets and Political Processes. Vol. 21. Amsterdam: North-Holland Publishing Company, 1984. (1985)

"The Role of Contingent Claims Analysis in Corporate Finance." Mason, Scott P., and Robert C. Merton. In Altman, Edward I., and Marti G. Subrahmanyam (eds.), Recent Advances in Corporate Finance. Homewood, Ill.: Richard D. Irwin Publishing, 1985.

"On the Role of Social Security as a Means for Efficient Risk-Bearing in an Economy Where Human Capital is Not Tradeable." In Bodie, Zvi, and John B. Shoven (eds.), Financial Aspects of the U.S. Pension System. Chicago: University of Chicago Press, 1983.

"Financial Economics." Merton, Robert C. In Brown, E. Cary, and Robert M. Brown (eds.), Paul Samuelson and Modern Economic Theory. New York: McGraw-Hill, 1983.

"On Consumption-Indexed Public Pension Plans." Merton, Robert C. In Bodie, Zvi, and John B. Shoven (eds.), Financial Aspects of the U.S. Pension System. Chicago: University of Chicago Press, 1983.

"The Returns and Risk of Alternative Put Option Portfolio Investment Strategies." Merton, Robert C., Myron S. Scholes, and Matthew L. Gladstein (January 1982). Journal of Business 55(1): 183-242.

"On the Mathematics and Economic Assumptions of Continuous-Time Financial Models." Merton, Robert C. In Sharpe, W. F., and C. M. Cootner (eds.), Financial Economics: Essays in Honor of Paul Cootner. Englewood Cliffs, N.J.: Prentice Hall, 1982.

"On the Microeconomic Theory of Investment under Uncertainty." Merton, Robert C. In Arrow, K., and M. Intriligator (eds.) Handbook of Mathematical Economics. Vol. 2. Amsterdam: North-Holland Publishing Company, 1982.

"On Market Timing and Investment Performance Part II: Statistical Procedures for Evaluating Forecasting Skills." ​Merton, Robert C., and Roy D. Henriksson (October 1981). Journal of Business 54(4): 513-533.

"On Market Timing and Investment Performance Part I: An Equilibrium Theory of Value for Market Forecasts." Merton, Robert C. (July 1981). Journal of Business, 54(3): 363-406.

"On Estimating the Expected Return on the Market: An Exploratory Investigation." Merton, Robert C. (December 1980). Journal of Financial Economics, 8(4): 1-39.

"Capital Requirements in the Regulation of Financial Intermediaries: A Discussion." Merton, Robert C. In Proceedings: The Regulation of Financial Institutions. Conference Series #21. Federal Reserve Bank of Boston, 1979.

"On the Cost of Deposit Insurance When There Are Surveillance Costs." Merton, Robert C. Journal of Business, 51(3): 439-452. (1978)

"The Returns and Risk of Alternative Call Option Portfolio Investment Strategies." Merton, Robert C., Myron S. Scholes, and Matthew L. Gladstein (April 1978). Journal of Business, 51(2): 183-242.

Merton, Robert C. "On the Pricing of Contingent Claims and the Modigliani-Miller Theorem." Merton, Robert C. (November 1977). Journal of Financial Economics 5: 241-249.

"A Reexamination of the Capital Asset Pricing Model." Merton, Robert C. In Bicksler, J., and I. Friend (eds.), Studies in Risk and Return. Cambridge, MA: Ballinger, 1977.

"An Analytic Derivation of the Cost of Deposit Insurance and Loan Guarantees : An Application of Modern Option Pricing Theory." Merton, Robert C. (June 1977). Journal of Banking and Finance, 1: 3-11.

"The Impact on Option Pricing of Specification Error in the Underlying Stock Price Returns." Merton, Robert C. Journal of Finance, 31(2): 333-350. (1976)

"Option Pricing When Underlying Stock Returns are Discontinuous." Merton, Robert C. (January-February 1976). Journal of Financial Economics 3: 125-144.

"Theory of Finance from the Perspective of Continuous Time." Merton, Robert C. (November 1975). Journal of Financial and Quantitative Analysis, 10(4): 659-674.

"An Asymptotic Theory of Growth Under Uncertainty." Merton, Robert C. (July 1975). Review of Economic Studies, 42(3): 375-393.

"Fallacy of the Log-Normal Approximation to Optimal Portfolio Decision Making over Many Periods." Merton, Robert C., and Paul A. Samuelson (May 1974). Journal of Financial Economics 1: 67-94.

"On the Pricing of Corporate Debt: The Risk Structure of Interest Rates." Merton, Robert C. (May 1974). Journal of Finance, 29(2): 449-470.

"Generalized Mean-Variance Tradeoffs for Best Perturbation Corrections to Approximate Portfolio Decisions." Samuelson, Paul A., and Robert C. Merton (Marhc 1974). Journal of Finance, 29(1): 27-40.

"The Optimality of a Competitive Stock Market." Merton, Robert C., and Marti G. Subrahmanyam (Spring 1974). Bell Journal of Economics and Management Science, 5(1): 145-170.

"An Intertemporal Capital Asset Pricing Model." Merton, Robert C. (September 1973) Econometrica, 41(5): 867-887.

"Book Review of Studies in the Theory of Capital Markets, edited by Jensen, M.C." Merton, Robert C. (May 1973). Journal of Money, Credit & Banking, 5(2): 729-730.

"The Relationship between Put and Call Option Prices: Comment." Merton, Robert C. (March 1973). Journal of Finance, 28(1): 183-184.

"'Continuous-Time Speculative Processes': Appendix to Paul A. Samuelson's 'Mathematics of Speculative Price.'" Merton, Robert C. (January 1973). SIAM Review, 15: 34-38.

"Theory of Rational Option Pricing." Merton, Robert C. (Spring 1973) Bell Journal of Economics and Management Science, 4(1): 141-183.

"An Analytical Derivation of the Efficient Portfolio Frontier." Merton, Robert C. (September 1972). Journal of Financial and Quantitative Analysis, 7(4): 1851-1872.

The Collected Scientific Papers of Paul A. Samuelson. Vol. 3. Merton, Robert C. (ed.). Cambridge, MA: MIT Press, 1972.

"Optimum Consumption and Portfolio Rules in a Continuous-Time Model." Merton, Robert C. (December 1971). Journal of Economic Theory, 3: 373-413.

Analytical Optimal Control Theory as Applied to Stochastic and Non-Stochastic Economics (1970)

Merton, Robert C. "A Golden Golden-Rule for Welfare-Maximization in an Economy with a Varying Population Growth Rate." Western Economic Journal, 4: 307-318. (1969)

"Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case." Merton, Robert C. (August 1969). The Review of Economics and Statistics 51(3): 247-257.

"A Complete Model of Warrant Pricing that Maximizes Utility."  Samuelson, Paul A., and Robert C. Merton (Winter 1969). Industrial Management Review 10: 17-46.

An Empirical Investigation of the Samuelson Rational Warrant Pricing Theory (1969)

Restrictions on Rational Option Pricing: A Set of Arbitrage Conditions (1968)

"A 'Motionless' Motion of Swift's Flying Island." Merton, Robert C. (April-June 1966). Journal of the History of Ideas, 27: 275-277.

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Research Center(s)

General Expertise
401K; Arbitrage pricing theory; Asset management; Asset pricing; Contagion; Derivatives; Finance; Financial engineering; Financial institutions; Financial markets; Financial services; Functional finance; Governmental financial institutions; Options; Options pricing valuation; Pension funds; Pensions; Portfolio choice; Portfolio design and management; Portfolio theory; Retirement finance; Retirement planning; Risk management; Risk management