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Bankarstvo
2012, vol. 41, iss. 5, pp. 74-81
article language: Serbian
document type: Review Paper
published on: 22/03/2013
In one year three Nobel stars in economics: Part two
Udruženje banaka Srbije, Beograd

e-mail: svetlana.pantelic@ubs-asb.com

Abstract

1994 Nobel Prize in Economics 'for their pioneering analysis of equilibrium in the theory of non-cooperative games' was awarded to John Charles Harsanyi, John F. Nash, and Reinhard Selten. What these three Nobel Prize winners have in common is the field of economics they studied, as well as the hardships that they had undergone and successfully overcome during their lifetime. Selten won the Nobel Prize for his work on defining the concept of rational and irrational decisions in predicting the outcome of noncooperative games. Also, he refined the Nash equilibrium concept of researching games which involve dynamic strategic interactions.

Keywords

Reihnard Selten; Nobel Prize; player; game theory; credible threats; noncredible threats; concept; perfect subgame equilibrium; information sets; error; choice

References

Pelević, B. (2004) Ekonomisti nobelovci - 1990-2003. Beograd: Centar za izdavačku delatnost Ekonomskog fakulteta
Selten, R. (2010) Den homo oeconomicus gibt es nicht. Nobelpreisträger; Ausgabe 3, http://www.institutional-money.com/magazin/theorie-praxis/artikel/test-4 (pristupljeno 24.10.2012.)