IN CONTEXT
Decision making
John Nash (1928–)
1928 US mathematician John von Neumann formulates the “minimax rule” that says the best strategy is to minimize the maximum loss on any turn.
1960 US economist Thomas Schelling publishes The Strategy of Conflict, which develops strategies in the context of the Cold War.
1965 German economist Reinhard Selten analyzes games with many rounds.
1967 US economist John Harsanyi shows how games can be analyzed even if there is uncertainty about what sort of opponent you are playing against.
Considering how another person might react when you do something involves making strategic calculations. ...
Get The Economics Book now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
