en.wikipedia.org/wiki/Black%E2%80%93Scholes_model

The sentence says Black and Scholes "returned" to academia in 1970, but the contemporaneous biographies do not match that timeline.

• Myron Scholes' Nobel biography states that he "became an Assistant Professor of Finance at the Sloan School of Management at MIT" in the fall of 1968, so he was already in academia before 1970.
• The same Nobel biography says Fischer Black "took his first position in academics as a Professor at the University of Chicago in 1972," not 1970.
• A MacTutor biography of Fischer Black likewise says he founded a consulting firm in 1969 and was at the University of Chicago only from 1972–75.

So the claim that both men decided to return to academia in 1970 is contradicted by the documented timelines for both of them.

The article says Black was mentioned by "the Swedish Academy," but the body that awards and announced the 1997 economics prize was the Royal Swedish Academy of Sciences.

The Nobel press release for the 1997 economics prize begins: "The Royal Swedish Academy of Sciences has decided to award..." and it is that press release that explicitly mentions Fischer Black's collaboration with Merton and Scholes. "Swedish Academy" usually refers to a different institution altogether, best known for the Nobel Prize in Literature.

So this wording identifies the wrong academy.

The sentence says Merton "first wrote an academic paper on the subject," but the publication history of option-pricing research shows otherwise.

• Myron Scholes' Nobel biography lists a 1972 academic paper coauthored with Fischer Black, "The Valuation of Options Contracts and a Test of Market Efficiency," published before Merton's 1973 option-pricing paper.
• MIT OpenCourseWare's historical summary of option-pricing theory also lists earlier academic work by Sprenkle (1961) and Samuelson (1965), along with Samuelson and Merton (1969), before Merton's 1973 paper.

Merton was unquestionably central to the development and generalization of the model, but he was not the first person to publish an academic paper on option pricing.