3 Share Nobel Prize for Economics Work Americans, German Pioneered Game Theory

By The | St Louis Post-Dispatch (MO), October 12, 1994 | Go to article overview

3 Share Nobel Prize for Economics Work Americans, German Pioneered Game Theory


The, St Louis Post-Dispatch (MO)


Two Americans and a German won the Nobel Memorial Prize in economics Tuesday for pioneering work that shows companies do business, governments make decisions and armies fight battles much the way people play poker and chess.

Sharing the $930,000 prize are Hungarian-born John C. Harsanyi, a retired professor from the University of California at Berkeley; John F. Nash, a mathematician at Princeton University; and Reinhard Selten of the University of Bonn.

Their discoveries have had a "tremendously important impact" on many disciplines, said the chairman of the Nobel committee that awarded the prize, Assar Lindbeck of the Royal Swedish Academy.

As early as the 1950s the three researchers began work in game theory, a relatively new branch of mathematics that arose out of efforts earlier in the century to understand competition and cooperation.

Using models such as chess and poker, the theory has developed into a major tool in characterizing modern life. One of its key features is the ability to predict when to bluff, whether the players be companies or people at a card table.

Game theory is widely applied not only in economics but also in psychology, military and political science, helping to explain the strategic interaction between individuals, business and nations alike.

Harsanyi, speaking from his home in San Francisco, said the theory "eventually . . . will give us a higher standard of living because we make better decisions."

Selten said, "It has some similarity with parlor games, which are used in models. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

3 Share Nobel Prize for Economics Work Americans, German Pioneered Game Theory
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.