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Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 1997 awarded to Robert C. Merton and Myron S. Scholes

The Nobel site contains the full text of the announcement for the 1997 Nobel Prize for Economics awarded to Myron Scholes and Robert Merton for their contribution in developing "a new method to determine the value of derivatives."

Fischer Black and Myron Scholes first published their formula for valuing an option in 1973. Robert Merton independently derived an alternative method for valuing options in 1973 as well. The availability of the Black and Scholes formula for valuing options has helped the options market to grow rapidly.

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1997 Nobel Prize for Economics
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