Bookmark
Print
Add to Delicious
game theory in economics, origins of
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by
Steven
N.
Durlauf
and
Lawrence
E.
Blume
Back to top
Back to top
Abstract
Game theory entered economics with the publication in 1944 of the Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern. The authors were, respectively, a Hungarian mathematician and an Austrian economist. Paying attention to the scientific and cultural context, this article discusses the creation, content and impact of that work.
Keywords
Austrian economics; cardinal utility; coalitional game; coalitions; coopperative games; Courant, R.; Cournot, A. A.; Debreu, G.; dominance; evolutionary biology; existence of equilibrium; experimental economics; game theory; game theory in economics, history of; general equilibrium; Hilbert, D.; mathematics and ecoonmics; Menger, K.; minimax theorem; Morgenstern, O.; Nash equilibrium; Nash, J.; non-cooperative games; Shapley value; Shapley. L.; side payments; strategic equivalence; Ville, J.; von Neumann, J.; Weyl, H.
Back to top
How to cite this article
Leonard, Robert. "game theory in economics, origins of." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 19 June 2013 <http://www.dictionaryofeconomics.com/article?id=pde2008_G000193> doi:10.1057/9780230226203.0617
