Reinhard Selten is a German mathematician and a co-recipient of 1994 Nobel Prize for Economics with John F. Nash and John C. Harsanyi. Reinhard Selten was awarded the Nobel Prize for his contribution to the development of game theory that studies rivalries among contenders with mixed interests.
Personal, career and Academic profiles
- Reinhard Selten was born on 5th October, 1930 in Breslau, Germany (now Wroclaw, Poland).
- 1957: Reinhard Selten completed his Master's degree in mathematics from the Johann - Wolfgang- Goethe- University in Frankfurt.
- 1957-67: Reinhard Selten was engaged as a Research Assistant to Professor Sauermann for ten years at Frankfurt University
- 1961: He was awarded Ph.D. in mathematics at Frankfurt University
- 1967-68: Reinhard Selten was engaged as a Visiting Full Professor in the School of Business Administration, University of California, Berkeley
- 1968: Dr. Selten developed Habilitation thesis for economics at Frankfurt University
- 1969-72 : In 1969, Dr. Shelten was appointed to a chair of economics at the Free University in Berlin and was engaged as a Full professor of economics at the same university.
- 1972-84: During this period of time, he was engaged as a Full professor at the Institute for Mathematical Economics of the University of Bielefeld
- 1984: Selten joined as a Full professor at the University of Bonn, Department of Economics
Reinhard Selten is primarily concerned with three major areas of research, which are Game Theory, Oligopoly Theory and Experimental Economics.
Reinhard Selten was one of the three developers of game theory that mainly studies rivalries among contenders with mixed interests. People will remember him for his pioneering analysis of equilibria in the theory of non-cooperative games.
Game theory is divided into two parts. One is cooperative games and the other is non-cooperative games. In cooperative games, binding agreements are made and in non-cooperative games, binding agreements are not made. Nash was basically concerned with the equilibrium of non-cooperative games and Selten actually enhanced the concept of dynamic strategic interaction.
Honors and awards
- 1989: Dr. Selten was awarded Honorary doctoral degree in economics from the University of Bielefeld
- 1991: He was awarded Honorary doctoral degree in economics from the University of Frankfurt
- 1994: Reinhard Selten was awarded the Nobel Prize for his contribution to the analysis of equilibria in the theory of non-cooperative games.
Major Works and publications
- 1970: Preispolitik der Mehrproduktenunternehmung in der statischen Theorie, Berlin-Heidelberg-New York: Springer-Verlag.
- 1974(with Thomas Marschak): General Equilibrium with Price-Making Firms, Lecture Notes in Economics and Mathematical Systems, Berlin-Heidelberg-New York: Springer-Verlag.
- 1988 (with John C. Harsanyi): A General Theory of Equilibrium Selection in Games , Cambridge, MA: MIT-Press.
- 1988: Models of Strategic Rationality, Theory and Decision Library, Series C: Game Theory, Mathematical Programming and Operations Research, Dordrecht-Boston-London: Kluwer Academic Publishers.
- 1995: Enkonduko en la Teorion de Lingvaj Ludoj – Cu mi lernu Esperanton (with Jonathan Pool), Berlin-Paderborn: Akademia Libroservo, Institut für Kybernetik.
- 1999: Game Theory and Economic Behavior: Selected Essays, 2. vol Cheltenham-Northhampton: Edward Elgar Publishing.
- 2000: New edition of: Models of Strategic Rationality (1988), with a Chinese Introduction. Outstanding Academic Works on Economics by Nobel Prize Winners. Dordrecht-Boston-London: Kluwer Academic Publishers.
- 2000: Chinese Translation of: Models of Strategic Rationality (1988). Outstanding Academic Works on Economics by Nobel Prize Winners. Dordrecht-Boston-London: Kluwer Academic Publishers. (2000)
- Russian Translation of: A General Theory of Equilibrium Selection in Games (with John C. Harsanyi), Cambridge, MA: MIT-Press.
Books by Reinhard Selten