Important extensions were introduced by John Nash (1928–), the mathematician made famous by Sylvia Nasar’s delightful book, A Beautiful Mind (Simon & Schuster, 1998).
An important reference for game theory is John von Neumann (1903–1957) and Oskar Morgenstern (1902–1977), Theory of Games and Economic Behavior (Princeton, NJ: Princeton University Press, 1944). Game theory has also been very influential in the study of military strategy and, indeed, the strategy of the cold war between the United States and the Soviet Union was guided by game-theoretic analyses. Game theory was pioneered by the mathematical genius John von Neumann (1903–1957).
The right tool for the job of examining strategic behavior in economic circumstances is game theory, the study of how people play games. That is, participants are strategic in their choices of action, recognizing that their choices will affect choices made by others. Strategic behavior involves the examination of the intermediate case, where there are few enough participants that they take each other into account-and their actions individually matter-so that the behavior of any one participant influences choices of the other participants. We have also examined monopoly, precisely because a monopoly, by definition, doesn’t have to worry about competitors.
The assumption that market participants take prices as given is justified only when there are many competing participants. Competitive theory studies price-taking consumers and firms-that is, people who can’t individually affect the transaction prices.
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