**Contact:** Jocelyn Duffy / 412-268-9982 /

jhduffy@andrew.cmu.edu
# Mathematician Walter Schachermayer Presents

Nash Lecture at Carnegie Mellon Sept. 7

PITTSBURGH—Noted mathematician Walter Schachermayer will present Carnegie Mellon University's fifth Nash Distinguished Lecture, titled "The Duality of Money," at 4:30 p.m., Tuesday, Sept. 7 in the Hillman Center's Rashid Auditorium on the university's Oakland campus. The lecture is free and open to the public.

This biennial lecture is named after John F. Nash, Jr., who in 1948 earned his bachelor's and master's degrees in mathematics from the then Carnegie Institute of Technology, and his doctoral degree from Princeton University in 1950. In 1994, Nash, along with John Harsanyi and Reinhard Selten received the Nobel Prize in Economic Sciences for their pioneering analysis of equilibria in the theory of non-cooperative games. This work, sometimes called the Nash Equilibrium, has greatly influenced research in economics and finance.

In his lecture, Schachermayer will discuss the dual relationship between goods and their prices, and current research on duality in modern and complex financial markets.

Schachermayer is best known for combining functional analysis and stochastic analysis in the field of financial mathematics. He and fellow mathematician Freddy Delbaen proved the Fundamental Theorem of Asset Pricing in its general form. This theorem, first conjectured by economists in the 1970s, explains the relationship between the absence of arbitrage in financial markets and the existence of a probability measure that can be used to price derivative securities. Later, Schachermayer and Carnegie Mellon Professor Dmitry Kramkov established the definitive methodology for using duality to solve the problem of optimal investment in incomplete markets.

Schachermayer is a professor of mathematics at the University of Vienna. He was the first mathematician to receive the Wittgenstein Award, Austria's highest scientific honor. He has received many other honors, including holding the European Chair at the University of Paris and being named a member of the German National Academy of Science.

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*Walter Schachermayer, a professor of mathematics at the University of Vienna, will present Carnegie Mellon University's fifth Nash Distinguished Lecture.*