 Game Theory: Primitives and RepresentationsR. K. Amit ()
Chapter Chapter 2 in Game Theory with Applications in Operations Management, 2024, pp 11-20 from Springer Abstract: Abstract From ancient times, human history has been dotted with numerous instances of conflict and cooperation. Why do humans conflict or cooperate? With the invention of science $$^a$$ a , the focus of modern science shifts from observing natural and social phenomena to constructing theories to explain the observed phenomena. Game theory is one such theory, rooted in mathematics, to explain conflict and cooperation. According to Morgenstern (1968), the modern origins of game theory date back to Leibnitz, who emphasized the need to model conflict situations in 1710. In 1712, Waldegrave formulated an initial version of the minimax strategy. In 1881, Edgeworth showed the congruence between game theory and economics. One of the early and an important result is the minimax theorem by von Neumann (1928). The publication of “Theory of Games and Economic Behavior” by von Neumann and Morgenstern in 1944 $$^b$$ b provided a logical foundation of game theory and its application in economic and social sciences. Nash (1950) introduces the concept of Nash equilibriumNash equilibrium that forms the cornerstone of applications of game theory in multiple disciplines, from economics to biology. Date: 2024 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-981-99-4833-8_2 Ordering information: This item can be ordered from DOI: 10.1007/978-981-99-4833-8_2 Access Statistics for this chapter More chapters in Springer Texts in Business and Economics from Springer |
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