Fischer Black, an Indian-American mathematician, along with Myron Scholes and Robert Merton, developed the Black-Scholes model, a groundbreaking formula for pricing options, which had a profound impact on the financial world.

Rama Cont, an Indian-French mathematician, is known for his work on stochastic analysis and mathematical finance. He made significant contributions to the development of the Vasicek model, which is a popular interest rate model used in financial institutions.

Steven Heston, an Indian-American mathematician, is known for his work on stochastic volatility models. He developed the Heston model, a widely used stochastic volatility model in option pricing, which captures the volatility of volatility.

Robert C. Merton, an Indian-American economist and mathematician, is known for his pioneering work in finance. He developed the Merton model, a seminal credit risk model that evaluates the probability of default and loss given default for a company.

Darrell Duffie, an Indian-American mathematician and economist, is known for his contributions to mathematical finance. He developed the Duffie-Pan model, a popular model for pricing credit derivatives, which incorporates stochastic interest rates and credit spreads.

Richard Geske, an Indian-American mathematician, is known for his work on option pricing. He developed the Geske-Johnson model, a widely used model for pricing American options, which allows for early exercise of the option.

Peter Carr, an Indian-American mathematician, is known for his work on option pricing and stochastic processes. He developed the Carr-Madan model, a widely used model for pricing jump-diffusion processes, which incorporates jumps in the underlying asset price.

Narendra Karmarkar, an Indian mathematician and computer scientist, is known for his work on algorithmic trading and optimization. He developed high-frequency trading strategies that utilize advanced mathematical techniques to make rapid trading decisions.

Richard Lipton, an Indian-American mathematician and computer scientist, is known for his work on algorithms and complexity theory. He developed the Lipton-Tarjan algorithm, a widely used algorithm for finding minimum spanning trees, which is efficient and has a low computational complexity.

John Nash, an Indian-American mathematician, is known for his groundbreaking work in game theory. He developed the Nash equilibrium concept, a fundamental solution concept in game theory that describes the optimal strategies for players in a non-cooperative game.

Robert Aumann, an Indian-Israeli mathematician, is known for his contributions to game theory and economics. He developed the Aumann-Shapley value, a widely used solution concept in cooperative game theory that allocates payoffs to players in a fair and efficient manner.

William Vickrey, an Indian-Canadian economist and mathematician, is known for his work on the theory of auctions. He developed the Vickrey-Clarke-Groves mechanism, a widely used auction mechanism that ensures efficient allocation of resources and truthful bidding by participants.

Roger Myerson, an Indian-American economist and mathematician, is known for his contributions to mechanism design theory. He developed the Myerson-Satterthwaite theorem, a fundamental result that characterizes the conditions under which truthful revelation is a dominant strategy for players in a mechanism.

Kenneth Arrow, an Indian-American economist and mathematician, is known for his work on social choice theory. He developed the Arrow's impossibility theorem, a fundamental result that demonstrates the impossibility of designing a voting system that satisfies certain desirable properties.

Amartya Sen, an Indian economist and philosopher, is known for his contributions to social choice theory and welfare economics. He developed the Sen's impossibility theorem, a significant result that demonstrates the impossibility of designing a social welfare function that satisfies certain desirable properties.