He also was a co-author of the Black-Derman-Toy option-valuation model.
Fischer Black received a Phd in Applied Math from Harvard University in 1964. In 1971 he began to work at the University of Chicago. He later left the University of Chicago to work at MIT. In 1984 he joined Goldman Sachs.
Fischer Black, The Pricing of Options and Corporate Liabilities, 1973.