Robert C. Merton is School of Management Distinguished Professor of Finance at MIT Sloan School of Management and University Professor Emeritus at Harvard University. He was George Fisher Baker Professor of Business Administration (1988–98) and John and Natty McArthur University Professor (1998–2010) at Harvard Business School. He received a Ph.D. in Economics from MIT in 1970, then served on finance faculty at the Sloan School until 1988 as J.C. Penney Professor of Management. He is Resident Scientist at Dimensional Holdings, Inc., where he developed a next-generation integrated pension-management solution system for deficiencies associated with traditional defined-benefit and defined-contribution plans. Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new method to determine the value of derivatives. Merton’s research includes finance theory, lifecycle and retirement finance, optimal portfolio selection, capital asset pricing, pricing of derivative securities, credit risk, loan guarantees, financial innovation, the dynamics of institutional change, and improving the methods of measuring and managing macro-financial risk.