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经济学是社会科学中唯一进入诺贝尔奖的学科。瑞典皇家科学院十月四日宣布把今年的诺贝尔经济学奖,授予美国两位财务经济学家,一位是哈佛大学教授罗伯特·墨顿(Robert Merton),另一位是斯坦福大学教授麦隆·休尔斯(Myron Scholes)。得奖的理由是他们对欧式选择权定价问题所作出的开创性贡献,使最近20年来世界各地衍生性金融商品交易蓬勃发展。瑞典皇家科学院这样评价他们的贡献:“这是过去半个世纪来在经济学领域里最重要的新学说之一,他们所提出的方法,已经开创了许多新的研究领域,影响范畴不仅限于财务经济学。”本文拟就其得奖的意义略作评述,并对财务经济学对金融衍生商品定价理论研究的最新发展略作介绍。
Economics is the only social science into the Nobel Prize in the discipline. The Royal Swedish Academy of Sciences announced on October 4 that this year’s Nobel Prize in Economics will be awarded to two U.S. financial economists, one is Robert Merton, a Harvard professor, and the other is Professor McLennan, a professor at Stanford University Myron Scholes. The reason for the prize was their pioneering contribution to the pricing of the European option, which has brought about a boom in the trading of derivative financial goods around the world in the recent two decades. The Royal Swedish Academy of Sciences assesses their contributions in the following way: “This is one of the most important new doctrines in the field of economics in the past half-century. The methods they have proposed have created many new fields of research. Their impact is not limited to the financial Economics. ”This article is intended to give a brief comment on the significance of its award, and a brief introduction to the latest developments of financial economics on the pricing theory of financial derivatives.