Innovation must lead infrastructure for a simple but compelling reason: Innovation produces new types of products and markets, and it is virtually impossible to know how to run those markets efficiently before they are created. — Myron Scholes Copy Share Image
A bank needs models to measure risk. The problem, however, is that any one bank can measure its risk, but it also has to know what the risk taken by other banks in the system happens to be at any… — Myron Scholes Copy Share Image
My career in academic research has not been involved with active management of securities. I've tried to understand risk-and-return relationships; also the pricing of… — Myron Scholes Copy Share Image
Most of the time, your risk management works. With a systemic event such as the recent shocks following the collapse of Lehman Brothers, obviously… — Myron Scholes Copy Share Image
Building a road might create temporary jobs, but does it really create wealth if it doesn't also shorten commute times or otherwise make society… — Myron Scholes Copy Share Image
The experience of the '90s, whether it's the '94 peso crisis or the '97 crisis in Asia, the '98 crisis, even the 2001 crisis,… — Myron Scholes Copy Share Image
A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.' — Myron Scholes Copy Share Image
If someone says to you, 'Go to an old-folks' home,' that's kind of ridiculous, because a lot of old people are doing terrific things… — Myron Scholes Copy Share Image
All models have faults - that doesn't mean you can't use them as tools for making decisions. — Myron Scholes Copy Share Image
If someone says to you, Go to an old-folks home, thats kind of ridiculous, because a lot of old people are doing terrific things… — Myron Scholes Copy Share Image
I was involved with Wells Fargo Bank as a consultant in the late 1960s and early 1970s, when I suggested to them that they… — Myron Scholes Copy Share Image
My first reaction on being awarded the Nobel Prize was, actually, I thought of Fischer Black, my colleague. He unfortunately had passed away. And… — Myron Scholes Copy Share Image
I think in our global economy, uncertainty is ever increasing. So to accommodate to that, we need to build a dynamic economy and dynamic… — Myron Scholes Copy Share Image
