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Robert Carhart Merton

Robert Carhart Merton, economist, educator.


  • Merton, Robert Carhart was born on July 31, 1944 in New York City.

  • Education

    • Bachelor of Science in Engineering Mathematics Columbia University, New York City, 1966; Master of Science in Applied Mathematics, California Institute of Technology, 1967; Doctor of Philosophy in Economics, Massachusetts Institute of Technology, 1970; Master of Arts (honorary), Harvard University, 1989; Doctor of Laws (honorary), University Chicago, 1991; Doctor of Science (honorary), University Lausanne, Switzerland, 1996; Doctor of Science (honorary), National Sun Yat-Sen University, Taiwan, 1998; Doctor of Science (honorary), Athens University Economics & Business, 2003; Doctor of Science (honorary), Claremont Graduate University, 2008; Doctor (honorary), University Paris, 1997; Doctor of Philosophy (honorary), University Nacional Federico Villarreal, Lima, Peru, 2004.


    • Research assistant, economics instructor Massachusetts Institute of Technology, Cambridge, Massachusetts, 1968—1970. Assistant professor finance Alfred P. Sloan School Management, Massachusetts Institute of Technology, 1970-1973, associate professor, 1973-1974, professor, 1974-1980, J.C. Penney professor management, 1980-1988, distinguished professor finance, since 2010. Visiting professor finance Harvard University, Boston, 1987-1988, George Fisher Baker professor business administration, 1988-1998, John & Natty McArthur University professor, 1998—2010, University professor emeritus, since 2010.

      Research associate National Bureau Economic Research, since 1979. Senior advisor Salomon Incorporated, 1988—1992, J.P. Morgan & Company, Incorporated, 1999—2000, Platinum Grove Asset Mgnt., 2008.

      Board directors Nova Fund, 1980—1988, Travelers Investment Management Company, 1987—1991, MF Risk, Incorporated, 2001—2009, Vical Incorporated, since 2002, Community First Finance Group, since 2003, Peninsula Banking Group, since 2003, Dimensional Funds, 2003—2009, Trinsum Group, 2007—2008, Dimensional SmartNest LLC, since 2010. Chairman board directors Daedalus Software, Incorporated, since 2008. Co-founder, member management committee Long-Term Capital Management, L.P., Greenwich, Connecticut, 1993—1999.

      Member advisory board eCredit. Com, 2000—2002, nuServe, 2001—2004. Co-founder, chief science officer, board directors Integrated Finance Limited, 2002—2007.

      Member competitive markets advisory council Chicago Mercantile Exchange, since 2004.


    • Continuous Time Finance
    • The introduction of the concepts of continuous-time optimization and stochastic process that have enabled financial economists to integrate both dynamics and uncertainty into the study of optimal intertemporal allocations of resources, portfolio selection, and the dynamic behaviour of security prices represents one of the great advances in economic theory of this generation.


    Board trustees College Retirement Equities Fund, 1988—1996, member international advisory board Middle East Science Fund, since 2008, board advisors Santa Clara University Center Innovation in Finance & Investment, since 2008, honorary member board directors International Raoul Wallenberg Foundation, since 2003, Angelo Roncalli International Committee, since 2003, Fellow: Econometric Society, American Academy Arts & Sciences, Finance Management Association, American Finance Association (board directors 1982-1984, 1987-1988, president 1986), International Association Finance Engineers (senior Finance Engineer of Year award 1993), member: National Academy of Sciences, Society Finance Studies (vice president 1993), Bachelier Finance Society (honorary), Tau Beta Pi, Sigma Xi.


    • Son of Robert K. and Suzanne (Carhart) Merton.
    • mother: Suzanne (Carhart) Merton.
    • father: Robert K.
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    Born July 31, 1944
    (age 71)
    • 1966
      Columbia University
    • 1967
      California Institute of Technology
    • 1970
      Massachusetts Institute of Technology
    • 1989
      Harvard University
    • 1991
      University Chicago
    • 1996
      University Lausanne
    • 1998
      National Sun Yat-Sen University
    • 2003
      Athens University Economics & Business
    • 2008
      Claremont Graduate University
    • 1997
      University Paris
    • 2004
      University Nacional Federico Villarreal
    • 1968 - 1970
      Research assistant , instructor Massachusetts Institute of Technology
    • 1968 - 1970
      economics , instructor Massachusetts Institute of Technology
    • 1970 - 1973
      assistant , professor finance Alfred P. Sloan School Management
    • 1987 - 1988
      visiting professor , finance Harvard University
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