Game theory is a field of study that has gained a lot of popularity in recent years. It is the study of decision-making in situations where two or more people are involved. The concepts of game theory have been used to analyze and understand various aspects of human behavior, from economics to politics.
But who did game theory? This is a question that has intrigued many people, and the answer might surprise you.
The origins of game theory can be traced back to the work of John von Neumann and Oskar Morgenstern. In 1944, they published a book called “Theory of Games and Economic Behavior” which laid the groundwork for modern game theory. This book introduced the concept of “zero-sum games” which are games where one person’s gain is equal to another person’s loss.
Von Neumann was a Hungarian-American mathematician who made significant contributions to many fields, including physics and computer science. He was known for his ability to solve complex problems using mathematics and logic. His work on game theory helped establish it as an important field of study.
Morgenstern was an Austrian economist who worked with von Neumann on “Theory of Games and Economic Behavior.” He provided much of the economic insight in the book, while von Neumann provided the mathematical rigor.
Since then, many other researchers have contributed to game theory. One notable figure is John Nash, who won the Nobel Prize in Economics in 1994 for his work on non-cooperative games. Nash’s work introduced the concept of Nash Equilibrium, which is a state where no player can improve their position by changing their strategy.
Other notable contributors include Robert Axelrod, who studied cooperation in repeated games, and Thomas Schelling, who studied how individuals make decisions in group settings.
In conclusion, game theory has been developed by many researchers over time. The origins can be traced back to von Neumann and Morgenstern’s work on “Theory of Games and Economic Behavior,” but many other researchers have made significant contributions to the field since then. Game theory is a fascinating area of study that continues to be relevant in many fields today.