1. Reinhard Selten's Impact on Ec
... Selten's first personal taste of game theory came after he read the monumental study by John von Neumann and Oskar Morgenstern titled Theory of Games and Economic Behavior. Later at Frankfurt, Selten was able to write a master's thesis on cooperative game theory that propelled him to begin work on extensive games even when very little of this avenue had been examined. Experimentation in ... of game theory that excludes binding agreements. This area has had a significant impact on experimental economic research. The important aspect of this theory is the concept of equilibrium (analyzed b...
- Word Count: 1416
- Approx Pages: 6
- Grade Level: Undergraduate