Theory of games and economic behavior 1944

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theory of games and economic behavior 1944

Theory of Games and Economic Behavior by John von Neumann

This is the classic work upon which modern-day game theory is based. What began more than sixty years ago as a modest proposal that a mathematician and an economist write a short paper together blossomed, in 1944, when Princeton University Press published Theory of Games and Economic Behavior. In it, John von Neumann and Oskar Morgenstern conceived a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy. Not only would this revolutionize economics, but the entirely new field of scientific inquiry it yielded--game theory--has since been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations. And it is today established throughout both the social sciences and a wide range of other sciences.

This sixtieth anniversary edition includes not only the original text but also an introduction by Harold Kuhn, an afterword by Ariel Rubinstein, and reviews and articles on the book that appeared at the time of its original publication in the New York Times, tthe American Economic Review, and a variety of other publications. Together, these writings provide readers a matchless opportunity to more fully appreciate a work whose influence will yet resound for generations to come.
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Game Theory: The Science of Decision-Making

Some Reflections on Utility

Critics of the theory, such as Allais and others, have centered their criticism of the theory not on the internal consistency of the axioms of which the theory is composed but rather on the validity of the axioms themselves. In that sense, the attacks on the theory are misplaced. It is common knowledge throughout scientific circles that axiomatic systems are often modified as axioms are more precisely specified, qualified, or, at times, replaced, as our understanding of physical laws is expanded. Unable to display preview. Download preview PDF.

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Game Theory Part 1: Dominant Strategy

Please choose whether or not you want other users to be able to see on your profile that this library is a favorite of yours. Finding libraries that hold this item The main achievement of the book lies, more than in its concrete results, in its having introduced into economics the tools of modern logic and in using them with an astounding power of generalization. This will undoubtedly be the case if the authors have succeeded in establishing a new exact science--the science of economics. The foundation which they have laid is extremely promising. The appearance of a book of [this] calibre.


  1. Noël T. says:

    Theory of Games and Economic Behavior, published in by Princeton University Press, is a book by mathematician John von Neumann and economist .

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