A Nobel prize for game theorists: the contributions of Harsanyi, Nash and Selten

Article Abstract:

The academic contributions of Nobel Prize awardees John C. Harsanyi, John F. Nash and Reinhard Selten to economic analysis have spurred the application of the game theory to many other fields such as biology and philosophy. Nash introduced the concept of an equilibirum point and its significance. Harsanyi conceived the idea of asymmetric information, while Selten emphasized the role of credibility. The two latter researchers provided the tools for the modern theory of industrial organization. Together, these three researchers promoted the use of a formal and abstract approach in handling economic issues.

History, Achievements and awards, Harsanyi, John C., Nash, John F.

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Equilibrium in strategic interaction: the contributions of John C. Harsanyi, John F. Nash and Reinhard Selten

Article Abstract:

The noncooperative game theories of 1994 Nobel Prize winners John Nash, John Harsanyi and Reinhard Selten are discussed. Nash developed a generalized form of the game theory with a finite number of players. He also established the difference between cooperative and noncooperative games. Harsanyi extended Nash's theories to model games with incomplete information while Selten introduced the possibility of irrationality.

Harsanyi, John

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John Nash: the master of economic modeling

Article Abstract:

Economist John Nash's receipt of the 1994 Nobel Prize in Economics will increase awareness about his economic modeling style. Nash presented his theories using simplified rather than generalized models. He believed that models should be generalized only so far as the basic logic of an argument is maintained. The award also gives Nash the long-due recognition he deserves for his contributions to the field.

Economists

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