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Lives of the LaureatesTwenty-three Nobel Economists$
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Roger W. Spencer and David A. Macpherson

Print publication date: 2014

Print ISBN-13: 9780262027960

Published to MIT Press Scholarship Online: May 2015

DOI: 10.7551/mitpress/9780262027960.001.0001

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Myron S. Scholes

Myron S. Scholes

(p.175) Myron S. Scholes
Lives of the Laureates

Roger W. Spencer

David A. Macpherson

The MIT Press

This chapter looks at the career of Myron S. Scholes who received the Nobel Prize in 1997. Born in 1941, Scholes went to McMaster University for his B.A. and completed his Ph.D. at the University of Chicago in 1969. He became a professor at the Graduate School of Business, University of Chicago, and a professor of finance, emeritus, at Stanford University. Together with Mark Wolfson, he developed a new theory of tax planning under uncertainty and information asymmetry. His work as an economist was shaped by attempts to conceptualize and test real-world problems. He helped invent the concept of the index fund. His other works involved developing models to explain changes in the prices of risk transfer and liquidity in the market. He wrote Taxes and Business Strategy: A Planning Approach in collaboration with Wolfson.

Keywords:   Myron S. Scholes, Mark Wolfson, theory of tax planning, index fund, prices of risk transfer

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