Reinhard Selten's Impact on Ec

Reinhard Selten catapulted to fame in 1994 when he was awarded the Nobel Prize in Economics, an honor he shared with John F. Nash of Princeton University and John C. Harsanyi of the University of California at Berkeley. The prize was awarded to this trio of economists due to their use of non-cooperative games like chess and poker to help understand complex economic issues. However, Selten had long been involved in many experimental aspects of economics, and has also worked with a variety of professors and scientists to better understand the experimental aspects of his field.

Reinhard Selten was born in Breslau, Germany in 1930. By the time he was a teenager, Selten had to leave Breslau due to his Jewish origins. With the Hitler regime controlling Germany and many Jews being outcast and annihilated, Selten fled with his family on a train. They eventually ended up in Melsungen, where Selten had the opportunity to go to high school. On his long walks to school (three and a half hours to school and back), Selten figured geometry and algebra problems in his head. Coupled with this interest in mathematics, Selten also had an extreme regard for eco

Selten’s Affect on His Field and His Fellow Economists

Reinhard Selten actually began work with John Harsanyi in 1965. The two began their long professional relationship at a workshop for game theory in Jerusalem that year. Inroads were made with this early cooperation in the field of incomplete information in the theory of games, despite the fact that Selten and Harsanyi were supposed to be working for the Arms Control and Disarmament Agency.

Many of Reinhard Selten’s students and understudies went on to become important in the fields of game theory and experimental economics. Werner Guth became instrumental in the area of wage bargaining in the framework of the business cycle. Ulrike Leopold further established the area of equilibria selection, and Jon-ren-Chen involved himself in the field of international trade development.

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