Faculty & Research

Merton Miller, 1923-2000

Nobel Prize in Economic Sciences, 1990

Merton Miller, who shares the prize with Harry M. Markowitz and William F. Sharpe, was recognized for pioneering work in the theory of financial economics.

  • 1990 Nobel Prize
  • About Miller

Miller, Markowitz, and Sharpe were recognized for important contributions in the field of corporate finance. Read the announcement »

He is among nine Chicago Booth faculty members to receive the Nobel Prize in Economic Sciences since 1968.

Miller earned his undergraduate degree at Harvard University in 1944 and went on to work as a tax expert at the US Treasury Department. Miller later earned his PhD in economics at Johns Hopkins University in 1952.

He became a professor at the University of Chicago Booth School of Business in 1961, where he earned the title Robert R. McCormick Distinguished Service Professor. He was on the faculty until his retirement in 1993, although he continued teaching at the school for several more years.

Miller served as a public director on the Chicago Board of Trade (1983–85) and the Chicago Mercantile Exchange from 1990 until his death in 2000. Following the market crash of October of 1987, Miller served as chairman of the CME’s special academic panel to conduct the post-mortem.

More information on Miller:

Biography from the Fama-Miller Research Center

Autobiography from Nobelprize.org