"Reinhard Selten shared the 1994 Nobel Prize in economics with John Nash and john harsanyi “for their pioneering analysis of equilibria in the theory of non-cooperative games.” One problem with various Nash equilibria is that they are not always unique. Selten applied stronger conditions to reduce the number of possible equilibria and to eliminate equilibria that are unreasonable economically. In 1965 he introduced the concept of “subgame perfection,” his term for this winnowing down of possible equilibria. “At that time I did not suspect that it often would be quoted, almost exclusively for the definition of subgame perfectness,” Selten wrote in his Nobel autobiography."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
"Reinhard Selten," The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. 13 June 2014.
https://en.wikiquote.org/wiki/Reinhard_Selten
Revision History
No revisions have been submitted for this quote.
Categories
Reinhard Selten
7 quotes on TrueQuotesView all quotes by Reinhard Selten →
Related Quotes
"In 1965, I was invited to a game theory workshop at Jerusalem which lasted for three weeks and had only 17 participan…"
"Models of bounded rationality describe how a judgement or decision is reached (that is, the heuristic processes or pr…"
"I was always skeptical about authority, about things which were told by authorities, because I was living in a countr…"
"My first contact with game theory was a popular article in Fortune Magazine which I read in my last high school year.…"
"My master's thesis and later my Ph.D. thesis had the aim of axiomatizing a value for e-person games in extensive form…"
"Around 1958, I became aware of H.A. Simon's seminal papers on bounded rationality and was immediately convinced by hi…"
"Military necessity, as understood by modern civilized nations, consists in the necessity of those measures which are …"
"Military necessity admits of all direct destruction of life or limb of armed enemies, and of other persons whose dest…"
"Military necessity does not admit of cruelty – that is, the infliction of suffering for the sake of suffering or for …"
"The law of nations knows of no distinction of color, and if an enemy of the United States should enslave and sell any…"