scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,405
The theories of these five men John C Harsanyi John Nash Reinhard Selten Robert WFogel and Douglass C North made an abundant progress in the Economic Sciences in Americaand the economy For these great accomplishments these five were awarded the Noble Peace Prizein Economic Sciences in 1994Harsanyi Nash Selten and 1993Forgel NorthThe three economists who was awarded the Noble Peace Prize in 1994 for their excellentwork and progress in game theory was know as pioneers in using games like chess and poker as thefoundation for understanding complex economic issues This was precisely half a century afterJohn Von Neumann and Osar Morgenstern launched the field with the publication of The TheoryJohn F Nash of Princeton Universitya American economists John C Harsanyi of theUniversity of California at Berkeleya Hungarian economist and Reinhard Selten of the RheinischeFriedrich- Wilhelms-Universitat in Bonna German economists shared the award and the930000 cash award for their achievements in economics1 The trios accomplishment portrayed the significance of Von Neumann and Morgensternscontribution to game theory which was recognized by economists and others almost immediatelyThe lessons they drew from homely games like chess and poker had exemplified universalapplication to economic situations in which the participants had the power to anticipate and affectother participants actions Harsanyi stated it is a theory of strategic interactionsof rationalbehavior in social situations in which each player has to choose his moves on the basis of what hethinks the other players counter moves are likely to be2Economists did not have an immediate success in applying their insights to a field whosepreoccupation with the idea of free competition required that the ability of each particularparticipant to influence outcomes be negligible So instead game theory found all kinds of immediate applications in the 1950s to problemsof the Cold War everything from airplane dog-fights to doctrines of massive retaliation In bookPrisoners Dilemma writer William Poundstone records the heady intellectual excitement aroundthe Institute for Advanced Study at Princeton and Rand Corp in Santa Monica Calif which
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA