NASH EQUILIBRIUM AND NASH BARGAINING SOLUTION: THE 1994 NOBEL PRIZE FOR ECONOMICS
NASH EQUILIBRIUM AND NASH BARGAINING SOLUTION: THE 1994 NOBEL PRIZE FOR ECONOMICS
Author(s): Jasminka ŠohingerSubject(s): Economy, Methodology and research technology, Transformation Period (1990 - 2010)
Published by: Institut društvenih znanosti Ivo Pilar
Keywords: Nobel prize; 1994; Economics; Nash equilibrium; Nash bargaining;
Summary/Abstract: Game theory, in its non-cooperative as well as in its cooperative form, has acquired a central role in modern economics. ln the analysis of strategic interactions it proved superior to the traditional mathematical methods used in economic theory. This paper deals with the two major concepts in game theory introduced by John Nash, namely, Nash equilibrium, and Nash bargaining solution, the elaboration of which brought John Nash the Nobel Prize in Economics in 1994. In spite of its relative mathematical sophistication, game theory has found numerous applicati-ons in real life economic situations where strategic interactions are involved.
Journal: Društvena istraživanja - Časopis za opća društvena pitanja
- Issue Year: 6/1997
- Issue No: 27
- Page Range: 103-109
- Page Count: 7
- Language: English