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Article: From news services and staff reports What's at Play in the Markets; 3 Economists Win Nobel for Gauging Game Theory's Business Role
- Article from:
- The Washington Post
- Article date:
- October 12, 1994
- Author:
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The Nobel Prize in Economics was awarded yesterday to two
Americans and a German who helped discover that economic
performance has as much to do with move and countermoves by business
rivals as with traditional notions of supply and demand.
Mathematician John F. Nash of Princeton University and
economists John C. Harsanyi of the University of California at
Berkeley and Reinhard Selten of the University of Bonn were cited by
the Royal Swedish Academy of Sciences for their groundbreaking work
in integrating "game theory" into the study of economic behavior.
"Game theory emanates from studies of games such as chess or
poker," the academy said in its announcement from Stockholm. ...