game theory

Reinhard Selten and Game Theory

Reinhard Selten and Game Theory

On October 5, 1930, German economist and Nobel Laureate Reinhard Selten was born. Selten is well known for his work in bounded rationality and can be considered as one of the founding fathers of experimental economics. For his work in game theory, Selten won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash). Reinhard Selten was born in Breslau and after a brief family exile in…
Oskar Morgenstern and the Game Theory

Oskar Morgenstern and the Game Theory

  On January 24, 1902, German-American economist and mathematician Carl Friedrich Alfred Oskar Morgenstern was born. Morgenstern popularized “game theory” which mathematically analyzes behaviour of man or animals in terms of strategies to maximize gains and minimize losses. He coauthored Theory of Games and Economic Behavior (1944), with John von Neumann, which extended Neumann‘s 1928 theory of games of strategy to competitive business situations. “As far as the use of…
John von Neumann – Game Theory and the Digital Computer

John von Neumann – Game Theory and the Digital Computer

On December 28, 1903, Hungarian and American pure and applied mathematician, physicist, inventor and polymath John von Neumann was born. He made major contributions to a number of fields including mathematics, physics, economics, computing, and statistics. He was a key figure in the development of game theory, the concepts of cellular automata, and the digital computer. He is definitely one of the candidates to write several biographical articles of, each…
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