PROJECT M
 

Stop worrying about asset value

Volatility and valuations are the wrong measures for retirement saving, says Robert Merton. Income stream is what the industry and regulators should look to as a benchmark

Lois Hoyal
© Martin Haake

Stop worrying about asset value

Volatility and valuations are the wrong measures for retirement saving, says Robert Merton. Income stream is what the industry and regulators should look to as a benchmark

Lois Hoyal

Robert C. Merton

Born in 1944, Robert Cox Merton’s achievements include the first continuous-time option pricing model, the Black-Scholes formula, which secured him a Nobel Prize in 1997. He is a School of Management distinguished professor at the MIT Sloan School in Cambridge, resident scientist at Dimensional Holdings Inc. and university professor emeritus at Harvard University

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