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NASH EQUILIBRIUM AND THE HISTORY OF ECONOMIC THEORY by Roger B ...

Source: home.uchicago.edu
Topic: Economic History

Sort Desciption: Yet even now there are still current books on the history of economic thought that fail to allocate. even one full page to Nash's work (see Niehans 1990) ...

Content Inside: NASH EQUILIBRIUM AND THE HISTORY OF ECONOMIC THEORY by Roger B. Myerson first version April 1996 revised March 1999 Abstract. John Nash's formulation of noncooperative game theory was one of the great breakthroughs in the history of social science. Nash's work in this area is reviewed in its historical context to better understand how the fundamental ideas of noncooperative game theory were developed and how they changed the course of economic theory. JEL Classification numbers: B20 C72 Author's address: Department of Economics University of Chicago 1126 E 59th Street Chicago IL 606037. E-mail: myerson@uchicago.edu URL: http://home.uchicago.edu/rmyerson/ This paper is published in the Journal of Economic Literature 36:1067-1082 (1999) which is the only definitive repository of the content that has been certified and accepted after peer review. 1 NASH EQUILIBRIUM AND THE HISTORY OF ECONOMIC THEORY by Roger B. Myerson Northwestern University 1. Looking back on an intellectual revolution November 16 1999 marks the fiftieth anniversary of the day that John Nash's first paper on noncooperative equilibrium was received by the editorial offices of the Proceedings of the National Academy of Sciences. The fiftieth anniversary of a major event can be a good time to look back at it when we are still linked to it by living memories but we have enough distance to see some of its broader historical significance. From this perspective Nash's theory of noncooperative games should now be recognized as one of the outstanding intellectual advances of the twentieth century. The formulation of Nash equilibrium has had a fundamental and pervasive impact in economics and the social sciences which is comparable to that of the discovery of the DNA double helix in the biological sciences. Yet even now there are still current books on the history of economic thought that fail to allocate even one full page to Nash's work (see Niehans 1990) and prominent scholars can search f ...

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