The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Game Theory in Economics, Origins of

  • Robert Leonard
Reference work entry


Game theory entered economics with the publication in 1944 of the Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern. The authors were, respectively, a Hungarian mathematician and an Austrian economist. Paying attention to the scientific and cultural context, this article discusses the creation, content and impact of that work.


Austrian economics Cardinal utility Coalitional game Coalitions Coopperative games Courant, R Cournot, A. A Debreu, G Dominance Evolutionary biology Existence of equilibrium Experimental economics Game theory Game theory in economics, history of General equilibrium Hilbert, D Mathematics and economics Menger, K Minimax theorem Morgenstern, O Nash equilibrium Nash, J Noncooperative games Shapley value Shapley. L Side payments Strategic equivalence Ville, J von Neumann, J Weyl, H 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Robert Leonard
    • 1
  1. 1.