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The theories of these five men John C Harsanyi John Nash Reinhard Selten Robert W Fogel and Douglass C North made an abundant progress in the Economic Sciences in America and the economy For these great accomplishments these five were awarded the Noble Peace Prize in Economic Sciences in 1994Harsanyi Nash Selten and 1993Forgel North The three economists who was awarded the Noble Peace Prize in 1994 for their excellent work and progress in game theory was know as pioneers in using games like chess and poker as the foundation for understanding complex economic issues This was precisely half a century after John Von Neumann and Osar Morgenstern launched the field with the publication of The Theory of Games and Economic Behavior John F Nash of Princeton Universitya American economists John C Harsanyi of the University of California at Berkeleya Hungarian economist and Reinhard Selten of the Rheinische Friedrich- Wilhelms-Universitat in Bonna German economists shared the award and the 930000 cash award for their achievements in economics1 The trios accomplishment portrayed the significance of Von Neumann and Morgensterns contribution to game theory which was recognized by economists and others almost immediately The lessons they drew from homely games like chess and poker had exemplified universal application to economic situations in which the participants had the power to anticipate and affect other participants actions Harsanyi stated it is a theory of strategic interactionsof rational behavior in social situations in which each player has to choose his moves on the basis of what he thinks the other players counter moves are likely to be2 Economists did not have an immediate success in applying their insights to a field whose preoccupation with the idea of free competition required that the ability of each particular participant to influence outcomes be negligible So instead game theory found all kinds of immediate applications in the 1950s to problems of the Cold War everything from airplane dog-fights to doctrines of
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