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2012, vol. 41, iss. 4, pp. 80-85
In one year three Nobel stars in economics: Part one
Udruženje banaka Srbije, Beograd

emailsvetlana.pantelic@ubs-asb.com
Keywords: John Charles Harsanyi; Reinhard Selten; John F. Nash; Nobel Prize; theory of noncooperative games; incomplete information; imperfect information; standards; procedures; Hungary; Austria; Australia; USA; Berkley University
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, Reinhard Selten and John F. Nash. Harsanyi’s most important contribution was in the field of economics of information. He showed how the amount of information possessed by agents bears the key significance to the course and result of the game, but also to the implementation of game theory in the analysis of concrete problems. It was impossible to apply the standard solving procedure to the incomplete information games. Harsanyi offered an original solution by proposing the conversion of a game with incomplete information into one with complete yet imperfect information. The analysis of this Nobel Prize winner largely contributed to the development and advancement of the economics of information, whereas his concept of solving games with incomplete information triggered the widespread application of game theory to many other problems in the economic science.
References
Pelević, B. (2004) Ekonomisti nobelovci - 1990-2003. Beograd: Centar za izdavačku delatnost Ekonomskog fakulteta
 

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article language: Serbian
document type: Review Paper
published in SCIndeks: 22/03/2013

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