Merton and Scholes received the 1997 Nobel prize in Economics for the famous Black–Scholes–Merton model, which is a mathematical model for the dynamics of a financial market containing derivative investment instruments and the foundation of the mathematical finance.

Merton and Scholes received the 1997 Nobel prize in Economics for the famous Black–Scholes–Merton model, which is a mathematical model for the dynamics of a financial market containing derivative investment instruments and the foundation of mathematical finance.