A recent stage play, titled The Power of Yes, utilized the theater for an entirely different type of infotainment. I call it infotainment as the speaker used a theatrical pattern to give information about the financial crisis to his audience. The show ran for two hours and it included a detailed discussion on the work of Myron Scholes’s and his equation to manage risk and how the capitalism collapsed. He portrayed the entire financial risk in a theatrical manner and practically showed how to carry out journalism through theaters.
Myron Scholes’s equation to manage financial risk has won him a Nobel Prize in 1997 but the same has caused extreme criticism for his work too. He did win the award for his work but when he practically implemented the idea the entire system collapsed. He started a fund named Hedge Fund on the basis of his equation. The fund, which was supposed to manage or eliminate financial crisis, became a victim of a crisis itself and was rescued by the US federal reserve.
Myron Samuel Scholes is currently serving at Stanford University. He was born on July 1, 1941. He derived the Black-Scholes equation which has been widely practiced since then. Myron did Bachelor’s in Economics in 1962 and received his MBA and PhD in 1964 and 1969 respectively. After completing his PhD, he joined the MIT Sloan School of Management where he served as a faculty member till 1980s. In 1981, he moved to Stanford University and is still serving there as a faculty member in the economics department.
Myron Scholes
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