Nobel Prize Winners
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Nobel Prize Winners
The theories of these five men: John C. Harsanyi, John Nash, Reinhard Selten,
Robert W. Fogel, and Douglass C. North, made an abundant progress in the
Economic Sciences in America and the economy. For these great accomplishments,
these five were awarded the Noble Peace Prize in Economic Sciences in
1994(Harsanyi, Nash, Selten), and 1993(Forgel, North). The three economists who
was awarded the Noble Peace Prize in 1994 for their excellent work and progress
in game theory was know as pioneers in using games like chess and poker as the
foundation for understanding complex economic issues. This was precisely half a
century after John Von Neumann and Osar Morgenstern launched the field with the
publication of “The Theory of Games and Economic Behavior.” “John F. Nash
of Princeton University(a American economists), John C. Harsanyi of the
University of California at Berkeley(a Hungarian economist), and Reinhard Selten
of the Rheinische Friedrich- Wilhelms-Universitat in Bonn(a German economists),
shared the award, and the $930,000 cash award for their achievements in
economics.”1 The trios accomplishment portrayed the significance of Von
Neumann and Morgenstern's contribution to game theory, which was recognized by
economists and others almost immediately. The lessons they drew from homely
games like chess and poker had exemplified universal application to economic
situations in which the participants had the power to anticipate and affect
other participants' actions. Harsanyi stated “it is a theory of strategic
interactions...of rational behavior in social situations in which each player
has to choose his moves on the basis of what he thinks the other players’
counter moves are likely to be”2 Economists did not have an immediate success
in applying their insights to a field whose preoccupation with the idea of
“free competition” required that the ability of each particular participant
to influence outcomes be negligible. So instead, game theory found all kinds of
immediate applications in the 1950's to problems of the Cold War, everything
from airplane dog-fights to doctrines of massive retaliation. “In book
'”Prisoner's Dilemma,” writer William Poundstone records the heady
intellectual excitement around the Institute for Advanced Study at Princeton and
Rand Corp. in Santa Monica, Calif., which was where much of the early work was
done.”3 Nash hinted the first formal breakthrough meanwhile he was still a
young instructor at the Massachuset...
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