Had a direct influence on the development of the Black-Scholes formula and generalized it in important ways. By devising another way of deriving the formula, he applied it to other financial instruments, such as mortgages and student loans. The work generated new financial instruments and has facilitated more effective risk management in society.
(en)
![[RDF data]](http://data.nobelprize.org/snorql/rdf_flyer.24.gif)