The Capital Asset Pricing Model (commonly referred to as CAPM) derives the risk appropriate required rate of return for a given asset in a given market. It was introduced by William Sharpe, Lintner and Mossin independently, though it is commonly attributed only to the first of them, who published it earliest (in 1964), and subsequently received (jointly with Harry Markowitz and Merton Miller) The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for his contribution to the field of financial economics.