Black–Merton–Scholes Option Pricing: A 50-Year Celebration—Looking Ahead
Vol. 22, No. 4, 2024
George M. Constantinides
It is a great honor to be invited to participate and contribute to the 50-year celebration of the path breaking option pricing theory of Fischer Black, Robert Merton, and Myron Scholes (Black and Scholes (1973) and Merton (1973)). My focus is on financial intermediation and looking ahead on future challenges.