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06 September 2006 / / Science
Kiyoshi Itô (90), professor emeritus at kyoto University, has become the first winner of the Gauss Prize. This prize is to honor scientist whose mathematical research has had an impact outside mathematics. Ito’s work, mainly in establishing a well defined calculus (named Ito’s calculus) to treat high irregular noise functions has got widespread application in describing several stochastic processes across fields like economics, biology, chemistry, physics, etc. Ito’s calculus is behind the pricing of options introduced by Black, Scholes and Merton (which got them a Nobel price).