Economic Theories Of Harsanyi, Nash, Selten, Fogel, And North

Part I of Essay
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 Pr ....

Part II of Essay
.... achievements in economics." 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 ....