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HBS professor Robert C. Merton, cowinner (with Stanford's Myron S. Scholes) of the 1997 Nobel Prize in Economic Sciences, accepts his award from Sweden's King Carl XVI Gustaf in a ceremony at the Stockholm Concert Hall last December. Later, in a toast at the Nobel banquet, Merton thanked his royal hosts and the Royal Swedish Academy of Sciences. He told the gathering, "Like all scientists, we too stand on the shoulders of giants, on the selective accumulation of prior knowledge."
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