Reinhard selten biography of mahatma
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Selten has also applied his refined version of these concepts to other problems such as analysing competition when there are only a small number of sellers. A subgame perfect equilibrium set is a set of subgame perfect equilibria all of which yield the same payoffs, not only in the game as a whole, but also in each of its subgames. Adolf Selten had not received much in the way of education, spending only three years at school.
Outstanding Academic Works on Economics by Nobel Prize Winners. Nash divided game theory into two parts, cooperative games, in which binding agreements can be made, and non-cooperative games, where binding agreements are not possible. He received honorary degrees from Bielefeld University (1989), Frankfurt University (1991), Graz University (1996), University of East Anglia (1996), Norwich University (1997), Cachan University (1998), Innsbruck University (2000), Hong Kong University (2003) and Osnabrück University (2006).
His work on "Selten's Horse," a game that illustrates the importance of sequential decision-making, is widely cited. for their pioneering analysis of equilibria in the theory of non-cooperative games. The respective contributions of Nash and Selten are as follows. This work addressed issues of belief and learning in games with incomplete information, and it became a crucial part of the toolkit for economists analyzing strategic interactions involving uncertainty.
Awarded the Nobel Prize in Economic Sciences
Reinhard Selten was awarded the Nobel Memorial Prize in Economic Sciences in 1994, along with John Harsanyi and John Nash, for their pioneering analysis of equilibria in the theory of non-cooperative games.
His father, Adolf Selten, was Jewish, while his mother, Käthe Luther, was Protestant. However, he spent the year 1987-88 back at Bielefeld running a year-long research workshop on game theory in the behavioural sciences.
In 1965 he published important work Ein Oligopolmodell mit NachfrageträgheitⓉ on distinguishing between reasonable and unreasonable decisions in predicting the outcome of games. J. Game Theory24(1)(1995), 3-11.
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Written by J J O'Connor and E F Robertson
Last Update November 2010
Reinhard Selten
| German economist Date of Birth: 05.10.1930 Country: Germany |
Content:
- Reinhard Selten: Nobel Laureate in Economics
- Nobel Prize and Contributions to Economic Theory
- Limited Rationality and Experimental Economics
- Academic Career
- Esperanto and International Engagement
- Political Involvement
- Legacy and Impact
Reinhard Selten: Nobel Laureate in Economics
Early Life and EducationReinhard Justus Reginald Selten was born on October 5, 1930, in Breslau, Lower Silesia (now Wrocław, Poland).
Life and career
Selten was born in Breslau (Wrocław) in Lower Silesia, now in Poland, to a Jewish father, Adolf Selten, and Protestant mother, Käthe Luther. (2000)
See also
- List of economists
- Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel
- Subgame perfect Nash equilibrium
External links
Article source:http://en.wikipedia.org/wiki/Reinhard_Selten
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Reinhard Selten
Explore the timeline of Reinhard Selten, the pioneering German economist and mathematician.
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Biography
Reinhard Selten's father, Adolf Selten, was racially Jewish but had no religious affiliation.He is also well known for his work in bounded rationality, and can be considered as one of the founding fathers of experimental economics. His work pioneered methods that bridged economic theories with behavioral experiments, broadening the applicability and understanding of economic models in real-world situations.
Publication on Perfect Bayesian Equilibrium
In 1984, Selten contributed significantly to the development of the Perfect Bayesian Equilibrium concept, providing clarity and further refinement to the analysis of information in games.
(1995) – in Esperanto
It was my task to do research funded by Deutsche Forschungsgemeinschaft, the German counterpart of the National Science Foundation. For the next ten years he worked as an assistant in economics to Heinz Sauermann at Frankfurt University.