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The Economics Book by DK

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RG

IN CONTEXT

FOCUS

Decision making

KEY THINKER

John Nash (1928–)

BEFORE

1928 US mathematician John von Neumann formulates the “minimax rule” that says the best strategy is to minimize the maximum loss on any turn.

AFTER

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. ...

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