Abstract:The success of game theory in the 1980s has revolutionized economics. In addition to optimization and competitive market equilibrium, the concept of Nash equilibrium became a basic analytical tool and...The success of game theory in the 1980s has revolutionized economics. In addition to optimization and competitive market equilibrium, the concept of Nash equilibrium became a basic analytical tool and a common language of economists in almost all fields. In his famed text book (1948), Paul Samuelson quoted an epigram: “You can make even a parrot into a learned economist; all it must learn are the two words, 'supply' and 'demand.'” But now the parrot needs two more words, “Nash equilibrium,” to be academically correct.Read More
Publication Year: 2012
Publication Date: 2012-08-21
Language: en
Type: book-chapter
Indexed In: ['crossref']
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Cited By Count: 41
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