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Game Theory and Economic Analysis A quiet revolution in economics Edited by Christian Schmid Game Theory and Economic Analysispresents the wide range of current contributions of game theory to economics. The chapters fall broadly into two categories. Some lay out in a jargonfree manner a particular branch of the theory, the evolution of one of its concepts, or a problem that runs through its development. Others are original pieces of work that are significant to game theory as a whole.
[...]... Neumann, J Von and Morgenstern, O (1944), Theory of Games and Economic Behavior, Princeton, NJ, Princeton Economic Press Piccione, M (1992), “Finite automata equilibria with discounting,” Journal of Economic Theory, 56, 180–93 Piccione, M and Rubinstein, A (1993) “Finite automata equilibria play a repeated extensive game, ” Journal of Economic Theory, 9, 160–8 Schmidt, C (1990), Game theory and economics:... economics, then monetary economics and financial economics and a part of international economics, all, one by one, were marked by this development The economy of well-being and of justice have been affected, and more recently the economics of law It would be difficult today to imagine a course in micro-economics that did not refer to game theory And at the same time, proportionally fewer and fewer pure mathematicians... Neumann’s collaboration with Morgenstern go beyond the realm of science Finally and above all, their work together did not in fact culminate in the announced fusion of game mathematics and the analysis of economic situations Two-thirds of Theory of Games and Economic Behavior are devoted to zero-sum games, and non-zero-sum games are handled with recourse to the device of the “fictitious player.” As for Böhm-Bawerk’s... theoretic articles by Nash, Shubik, and others in Econometrica The economics profession as a whole in the late 1940s and the 1950s did not take up the interest in game theory encouraged by the book reviewers and shared by Princeton’s mathematics department and the strategists at the RAND Corporation and Office of Naval Research The sheer size of the Theory of Games and the mass of mathematical notation,... The initial long, effusive reviews of Von Neumann and Morgenstern (1944) in economics journals was followed by prolonged neglect by the bulk of the economics profession, but the long-run influence of game theory on the discipline of economics has been great, and the modern field of game theory stems from Von Neumann and Morgenstern Some landmark works in economics, such as Cournot, were influential only... Morgenstern’s Theory of Games and Economic Behavior (TGEB) (1944) made great advances in the analysis of strategic games and in the axiomatization of measurable utility theory, and drew the attention of economists and other social scientists to these subjects In the interwar period, several papers and monographs on strategic games had been published, including work by Von Neumann (1928) and Morgenstern (1935)... analyzed a military allocation game as Colonel Blotto, and his student and collaborator Jean Ville, citing Von Neumann, provided the first elementary, nontopological proof of the minimax theorem and extended the theorem to games with a continuum of strategies (see Dimand and Dimand 1996) Von Neumann and Morgenstern (1944) referred to Borel’s (1938) discussion of poker and bluffing and to Ville’s minimax proof,... the minimax problem in game theory and the saddle point problem as an equilibrium in economic theory (Von Neumann 1937) 1940: Von Neumann chooses the economist O Morgenstern to assist him in the composition of what would become the first treatise of game theory The title of their work is explicit: the theoretical understanding of games is presented as relevant to the analysis of economic behavior However... editorial matter and selection © 2002 Christian Schmidt; individual chapters © the contributors At the end of the 1970s, the connections between game theory and economics entered a new phase The game theory approach had progressively invaded the majority of sectors of economic analysis Such was the case first of all with industrial economy, which was renewed by the contribution of games Insurance economics,... this contradicted his conjecture that games with a continuum of strategies would have minimax solutions Borel expressed his belief that the theory of psychological games would have economic and military applications (see Dimand and Dimand 1992) John Von Neumann (1928a) stated the minimax theorem for two-person zero-sum games with finite numbers of pure strategies and constructed the first valid proof . class="bi x0 y0 w0 h2" alt="" Game Theory and Economic Analysis Game Theory and Economic Analysis presents the wide range of current con- tributions of game theory to economics. The chapters fall. Data Game theory and economic analysis / [edited by] Christian Schmidt. p. cm. – (Routledge advances in game theory; 001) Includes bibliographical references and index. 1. Game theory. 2. Economics science. Finally and above all, their work together did not in fact culminate in the announced fusion of game mathematics and the analysis of economic situ- ations. Two-thirds of Theory of Games and Economic