The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Selten, Reinhard (Born 1930)

  • Eric van Damme
Reference work entry


This article describes the main contributions to game theory and boundedly rational economic behaviour of Reinhard Selten, winner, together with John Nash and John Harsanyi, of the Nobel Memorial Prize in Economics in 1994.


Asymmetric games Bargaining Bounded rationality Cognitive bounds on rationality Evolutionarily stable strategies Evolutionary game theory Extensive form games Forward induction Game theory and biology Harsanyi, J. C Ideal rationality Imperfect competition Laboratory experimentation Learning Motivational bounds on rationality Nash equilibrium Nash, J Non-cooperative games Oligopoly games Payoff dominance Prisoner’s Dilemma Rationality Risk dominance Selection theory Selten, R Sequential equilibrium Simon, H Stag hunt game Subgame consistency Subgame perfection Tracing procedure Trembling-hand perfection 

JEL Classification

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  1. Kohlberg, E., and J.-F. Mertens. 1986. On the strategic stability of equilibria. Econometrica 54: 1003–1038.CrossRefGoogle Scholar

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Eric van Damme
    • 1
  1. 1.