Robert Merton and George Soros on the economics of risk
Robert C. Merton is currently the John and Natty McArthur University Professor at the Harvard Business School. Prior to joining the faculty of Harvard in 1988, he served on the finance faculty of the Massachusetts Institute of Technology Sloan School of Management for eighteen years. He is a co-founder and chief science officer of Integrated Finance Limited, a specialized investment bank. In 1993, he co-founded Long-Term Capital Management and served as a principal for six years. He is a past president of the American Finance Association and a member of the National Academy of Sciences. Professor Merton has been frequently recognized for his achievements in translating financial science into practice. In 1997, Professor Merton received the Nobel Prize in Economic Sciences with Myron Scholes for a new method to determine the value of derivatives.
Robert Merton says an understanding of risk is important for analyzing the global meltdown, and George Soros explains the role risk played in the economic crisis.
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