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Reinhard Selten, (born October 5, 1930, Breslau, Germany [now Wrocław, Poland]—died August 23, 2016, Poznań, Poland), German mathematician who shared the 1994 Nobel Prize for Economics with John F. Nash and John C. Harsanyi for their development of game theory, a branch of mathematics that examines rivalries between competitors with mixed interests.
A trembling hand perfect equilibrium is an equilibrium that takes the possibility of off-the-equilibrium play into account by assuming that the players, through a "slip of the hand" or tremble, may choose unintended strategies, albeit with negligible probability. On October 5, 1930, German economist and Nobel Laureate Reinhard Selten was born. Reinhard's mother, Käthe Luther, was a protestant. For their pioneering work in game theory, Reinhard Selten, John C. Harsanyi, and John Nash shared the 1994 Nobel Prize in Economics. Reinhard Selten was raised as Protestant. This two-volume set provides an overview of the work of Selten, the Nobel Prize winner who refined the Nash equilibrium concept of non- cooperative games for analyzing dynamic strategic interaction and applied these concepts to analyses of oligopoly. Selten called himself a ‘methodological dualist’, making a sharp distinction between normative game theory and descriptive theories of social and economic interaction.
Reinhard Selten is an expert in the field of game theory and is credited to have introduced his solution concept of subgame perfect equilibrium, which further refined the Nash equilibrium. "Game Theory and Economic Behaviour," Books, Edward Elgar Publishing, volume 0, number 1541. Game theory. Reinhard Justus Reginald Selten (5 October 1930 – 23 August 2016) was a German economist.He won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash).He is also well known for his work in bounded rationality and can be thought as one of the founding fathers of experimental economics. As a student, I wanted to generalize Harsanyi's (1963) NTU solution and Harsanyi-Selten's (1972) generalized Nash bargaining solution to Harsanyi 's (1967-8) general Bayesian games with incomplete information. In game theory, trembling hand perfect equilibrium is a refinement of Nash equilibrium due to Reinhard Selten. Birthplace: Wroclaw, Poland Location of death: Poznan, Poland Cause of death: unspecified. Learning game theory from Harsanyi and Selten Reinhard Selten and I first met as people who both liked to learn from John Harsanyi. Selten is well known for his work in bounded rationality and can be considered as one of the founding fathers of experimental economics.For his work in game theory, Selten won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash). The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1994 was awarded jointly to John C. Harsanyi, John F. Nash Jr. and Reinhard Selten "for their pioneering analysis of equilibria in the theory of non-cooperative games". He was a full professor of economics at the Free University of Berlin from 1969 to 1972. Thereby they strive to gain general insights into the logic of strategic interaction, and to apply them to politics, economics and biological evolution. This column outlines the intellectual life and career of a pioneering analyst of strategic interaction of both fully rational players – game theory – and real human beings with ‘bounded rationality’ – experimental economics.
Reinhard Justus Reginald Selten (5 October 1930 – 23 August 2016) was a German economist.He won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash).He is also well known for his work in bounded rationality and can be thought as one of the founding fathers of experimental economics.Selten was professor emeritus at the University of Bonn, Germany. He also gave the trembling hand perfect equilibrium, which is also a refinement of Nash equilibrium. Selten, von 1972 bis 1984 Professor an der Uni Bielefeld, erhält später für seine Forschungen im Bereich der Spieltheorie den Nobelpreis für Wirtschaftswissenschaften. Selten became interested in game theory after reading about it in Fortune in the late 1940s. Game theorists do not teach how to play chess or poker.
Nobody else has made such substantial and important contributions to both lines of research. John C. Harsanyi & Reinhard Selten, 1988. They propose rational criteria for selecting one particular uniformly perfect equilibrium point as the solution of any noncooperative game. He was 85. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, … Reinhard Selten, the German economist and mathematician who won the 1994 Nobel Prize for his work on game theory, has died. Through analysis of such experiments, Reinhard Selten, professor emeritus of economics at the University of Bonn in Germany, explores behavioral economics and game theory — fields in which he has made several decisive breakthroughs. [2] [3] Reinhard Selten was raised as Protestant. In 1994, the Nobel Prize was awarded to Reinhard Selten, John Nash and John Harsanyi, for pioneering analysis in game theory.