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Mathematician Kiyoshi Ito has won the first Carl Friedrich Gauss Prize for Applications of Mathematics, the International Mathematical Union announced Tuesday.

The 90-year-old professor emeritus at Kyoto University developed stochastic differential equations, widely used by scientists as well as in the financial sector.

Ito published the equations in 1942 and they were later applied in the financial sector. At one time, he was well-known on Wall Street for his contribution.

“I am highly honored to receive the award for my research. I would like to share this joy with my colleagues who have worked with me in my research,” Ito said in a statement.

The international union, which awards the prize jointly with the German Mathematical Union, will give Ito a medal and 10,000 euro in prize money on Sept. 14 at a ceremony at Kyoto University.

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