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A prototypical paper on game theory in economics begins by presenting a game that is an abstraction of a particular economic situation. One or more solution concepts are chosen, and the author demonstrates which strategy sets in the presented game are equilibria of the appropriate type.
John Harsanyi – equilibrium theory (Nobel Memorial Prize in Economic Sciences in 1994) Monika Henzinger – algorithmic game theory and information retrieval; John Hicks – general equilibrium theory (including Kaldor–Hicks efficiency) Naira Hovakimyan – differential games and adaptive control; Peter L. Hurd – evolution of aggressive ...
In 1994, he received the Nobel Memorial Prize in Economic Sciences (along with John Harsanyi and Reinhard Selten) for his game theory work as a Princeton graduate student. [65] In the late 1980s, Nash had begun to use email to gradually link with working mathematicians who realized that he was the John Nash and that his new work had value.
As a founder of modern economic theory of bargaining (with Nash and Rubinstein), he made important contributions to the foundations of game theory, experimental economics, evolutionary game theory and analytical philosophy. He took up economics after holding the Chair of Mathematics at the London School of Economics. The switch has put him at ...
Lloyd Stowell Shapley (/ ˈ ʃ æ p l i /; June 2, 1923 – March 12, 2016) was an American mathematician and Nobel Memorial Prize-winning economist.He contributed to the fields of mathematical economics and especially game theory.
In game theory, the Nash equilibrium is the most commonly-used solution concept for non-cooperative games.A Nash equilibrium is a situation where no player could gain by changing their own strategy (holding all other players' strategies fixed). [1]
The revelation principle is a fundamental result in mechanism design, social choice theory, and game theory which shows it is always possible to design a strategy-resistant implementation of a social decision-making mechanism (such as an electoral system or market). [1] It can be seen as a kind of mirror image to Gibbard's theorem.
He received a B.A. from University of Tokyo in 1982 and a Ph.D. from Stanford University in 1989. His seminal papers about social norms (1992) and evolutionary game theory (1993) together have received 5,000 citations to date, according to Google Scholar.