Related Research Articles
Game theory is the study of mathematical models of strategic interactions among rational agents. It has applications in all fields of social science, as well as in logic, systems science and computer science. The concepts of game theory are used extensively in economics as well. The traditional methods of game theory addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by the losses and gains of other participants. In the 21st century, the advanced game theories apply to a wider range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers.
John Forbes Nash, Jr., known and published as John Nash, was an American mathematician who made fundamental contributions to game theory, real algebraic geometry, differential geometry, and partial differential equations. Nash and fellow game theorists John Harsanyi and Reinhard Selten were awarded the 1994 Nobel Memorial Prize in Economics. In 2015, he and Louis Nirenberg were awarded the Abel Prize for their contributions to the field of partial differential equations.
Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss. Competition can arise between entities such as organisms, individuals, economic and social groups, etc. The rivalry can be over attainment of any exclusive goal, including recognition.
Econophysics is a non-orthodox interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. Some of its application to the study of financial markets has also been termed statistical finance referring to its roots in statistical physics. Econophysics is closely related to social physics.
Lloyd Stowell Shapley was an American mathematician and Nobel Memorial Prize-winning economist. He contributed to the fields of mathematical economics and especially game theory. Shapley is generally considered one of the most important contributors to the development of game theory since the work of von Neumann and Morgenstern. With Alvin E. Roth, Shapley won the 2012 Nobel Memorial Prize in Economic Sciences "for the theory of stable allocations and the practice of market design."
David Gale was an American mathematician and economist. He was a professor emeritus at the University of California, Berkeley, affiliated with the departments of mathematics, economics, and industrial engineering and operations research. He has contributed to the fields of mathematical economics, game theory, and convex analysis.
Edmund Strother Phelps is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences.
So Long Sucker is a board game invented in 1950 by Mel Hausner, John Nash, Lloyd Shapley, and Martin Shubik. It is a four-person bargaining/economic strategy game. Each player begins the game with seven chips, and in the course of play, attempts to acquire all the other players' chips. This requires making agreements with the other players, which are ultimately unenforceable. To win, players must eventually go back on such agreements. The game takes approximately 60 minutes to play.
Pradeep Dubey is an Indian game theorist. He is a Professor of Economics at the State University of New York, Stony Brook and a member of the Stony Brook Center for Game Theory. He also holds a visiting position at Cowles Foundation, Yale University. He did his schooling at the St. Columba's School, Delhi. He received his Ph.D. in applied mathematics from Cornell University and B.Sc. from the University of Delhi. His research areas of interest are game theory and mathematical economics. He has published, among others, in Econometrica, Games and Economic Behavior, Journal of Economic Theory and Quarterly Journal of Economics. He is a Fellow of The Econometric Society and a member of the council of the Game Theory Society.
Roger Bruce Myerson is an American economist and professor at the University of Chicago. He holds the title of the David L. Pearson Distinguished Service Professor of Global Conflict Studies at The Pearson Institute for the Study and Resolution of Global Conflicts in the Harris School of Public Policy, the Griffin Department of Economics, and the college. Previously, he held the title The Glen A. Lloyd Distinguished Service Professor of Economics. In 2007, he was the winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Leonid Hurwicz and Eric Maskin for "having laid the foundations of mechanism design theory." He was elected a Member of the American Philosophical Society in 2019.
Alvin Eliot Roth is an American academic. He is the Craig and Susan McCaw professor of economics at Stanford University and the Gund professor of economics and business administration emeritus at Harvard University. He was President of the American Economic Association in 2017.
Michael Roland Powers is the Zurich Insurance Group Chair Professor of Finance at Tsinghua University’s School of Economics and Management (SEM). Since 2014, he has held a dual appointment as professor at Tsinghua's Schwarzman College. An internationally recognized risk and insurance expert, he was a 2011 recipient of China’s Thousand Talents Plan award. In 2013, he won the Kulp-Wright Book Award for Acts of God and Man: Ruminations on Risk and Insurance.
In economics, non-convexity refers to violations of the convexity assumptions of elementary economics. Basic economics textbooks concentrate on consumers with convex preferences and convex budget sets and on producers with convex production sets; for convex models, the predicted economic behavior is well understood. When convexity assumptions are violated, then many of the good properties of competitive markets need not hold: Thus, non-convexity is associated with market failures, where supply and demand differ or where market equilibria can be inefficient. Non-convex economies are studied with nonsmooth analysis, which is a generalization of convex analysis.
John Geanakoplos is an American economist, and the current James Tobin Professor of Economics at Yale University.
Douglas Warren Diamond is an American economist. He is currently the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he has taught since 1979. Diamond specializes in the study of financial intermediaries, financial crises, and liquidity. He is a former president of the American Finance Association (2003) and the Western Finance Association (2001-02).
Jean-François Mertens was a Belgian game theorist and mathematical economist.
In economic theory, a strategicmarket game, also known as a market game, is a game explaining price formation through game theory, typically implementing a general equilibrium outcome as a Nash equilibrium.
The solution concept authority distribution was formulated by Lloyd Shapley and his student X. Hu in 2003 to measure the authority power of players in a well-contracted organization. The index generates the Shapley-Shubik power index and can be used in ranking, planning and organizational choice.
Quantum economics is an emerging research field which applies mathematical methods and ideas from quantum physics to the field of economics. It is motivated by the belief that economic processes such as financial transactions have much in common with quantum processes, and can be appropriately modeled using the quantum formalism. It draws on techniques from the related areas of quantum finance and quantum cognition, and is a sub-field of quantum social science.
Two-Sided Matching: A Study in Game-Theoretic Modeling and Analysis is a book on matching markets in economics and game theory, particularly concentrating on the stable marriage problem. It was written by Alvin E. Roth and Marilda Sotomayor, with a preface by Robert Aumann, and published in 1990 by the Cambridge University Press as volume 18 in their series of Econometric Society monographs. For this work, Roth and Sotomayor won the 1990 Frederick W. Lanchester Prize of the Institute for Operations Research and the Management Sciences.
References
- ↑ "Remembering Prof. Martin Shubik, 1926–2018". Yale School of Management. 2018-08-30. Retrieved 2022-12-02.
- ↑ Malhotra, Saumya (2018-09-04). "Martin Shubik, eminent economist, dies at 92". Yale Daily News. Retrieved 2022-12-02.
- ↑ "Background of the Yale IBM Registry". Yale School of Public Health. Retrieved 2022-12-02.
- ↑ "Martin Shubik". Institute for Operations Research and the Management Sciences. Retrieved 2022-12-02.
- ↑ Roberts, Sam (2018-09-01). "Martin Shubik, 92, Dies; Foresaw Rise of Computing". New York Times. New York. Retrieved 2022-12-02.
- ↑ Shapley, Lloyd; Shubik, Martin (1954). "A Method for Evaluating the Distribution of Power in a Committee System". The American Political Science Review. 48 (3): 787–792. doi:10.2307/1951053. JSTOR 1951053. S2CID 143514359.
- ↑ Shubik, Martin. "Curriculum vitae" (2018) [textual record]. Martin Shubik papers, 1938-2018, Series: Writings, 1951-2018, Box: RL01181-SET-0001, File: Writing electronic files, 2002-2018. Durham: David M. Rubenstein Rare Book and Manuscript Library, Duke University.
- ↑ Hausner, Mel; Nash, John; Shapley, Lloyd; Shubik, Martin (1964). "So Long Sucker - A Four-Person Game". In Shubik, Martin (ed.). Game Theory and Related Approaches to Social Behavior: Selections. New York: Wiley. pp. 359–361. ISBN 9780471789635.
- ↑ "In memoriam: Martin Shubik". Santa Fe Institute. 2018-08-28. Retrieved 2022-12-02.
- ↑ Beach, Randall (2012-09-02). "Yale professor recalled as brilliant economist, loving family man". New Haven Register. Retrieved 2012-12-02.
- ↑ "Martin Shubik". Institute for Operations Research and the Management Sciences. Retrieved 2022-12-02.
- ↑ "Martin Shubik, Distinguished Fellow 2010". American Economic Association. 2010. Retrieved 2022-12-02.
| International | |
|---|---|
| National | |
| Academics | |
| People | |
| Other | |
