story of Black-Scholes The model was first articulated in 1973, in a paper published by Fischer Black and Myron Scholes. The paper was published in the Journal of Political Economy and became noteworthy for offering a partial differential equation—now known as the Black-Scholes equation—allowing one to calculate the price of a

ulty of the University of Chicago, where he held the position of the David Rockefeller Professor of International Economics and served as Editor of the Journal of Political Economy. He is a Fellow of the Econometric Society, a Foreign Honorary Member of the American Academy of Arts and Sciences (AAAS), a Member of the Board of