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Building upon his early experience at AT&T Bell Labs, he has created and led a series of fundamental innovations, from early technology to final implementation in the market. [.]. He received a BS degree in Materials Science and Engineering in 1985 from MIT and his PhD in the same discipline from Cornell University in 1989.
In an adjacent office was a colleague who had written something like 12 books and was an internationally recognized scholar in the area of organizational innovation. Robert Merton was 46 when he won the award. Merton had the office on the other side of my office. He had a beautiful summer house near Cape Cod.
I was thinking about that story by Thomas Merton during a recent board meeting. Recent market updates, a technical deconstruction of various trends, then product frameworks — all in quick succession. We don't get to optimize all products, go after all markets, or add all programs. One board member sighed deeply.
In the 1900s, French mathematician-economist Leon Walras envisioned prices in a market economy being set by an auctioneer (since known as the “Walrasian auctioneer”) conducting continuous auctions for all kinds of commodities. Economists and market design. Admittedly, better pricing of options has been a mixed blessing.
In slightly more formal terms, Id suggest that they were able to take on, at least in tiny part, five of Robert Merton and Zvi Bodies six standard functions of a financial system: settling payments, providing information, setting incentives, pooling resources, and transferring resources.
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