Theory of Games and Economic Behavior: 60th Anniversary Commemorative Edition (Princeton Classic Editions)

Cover; CONTENTS; PREFACE; TECHNICAL NOTE; ACKNOWLEDGMENT; CHAPTER I: FORMULATION OF THE ECONOMIC PROBLEM; 1. THE MATHEMATICAL METHOD IN ECONOMICS; 1.1. Introductory remarks; 1.2. Difficulties of the application of the mathematical method; 1.3. Necessary limitations of the objectives; 1.4. Concluding remarks; 2. QUALITATIVE DISCUSSIOIN OF THE PROBLEM OF RATIONAL BEHAVIOR; 2.1. The problem of rational behavior; 2.2. "" Robinson Crusoe"" economy and social exchange economy; 2.3. The number of variables and the number of participants; 2.4. The case of many participants: Free competition.;This is the classic work upon which modern-day game theory is based. What began more than sixty years ago as a modest proposal that a mathematician and an economist write a short paper together blossomed, in 1944, when Princeton University Press published Theory of Games and Economic Behavior. In it, John von Neumann and Oskar Morgenstern conceived a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy. Not only would this revolutionize economics, but the entirely new field of scientific inquiry it yielded--game theory--has si. Cover CONTENTS PREFACE TECHNICAL NOTE ACKNOWLEDGMENT CHAPTER I: FORMULATION OF THE ECONOMIC PROBLEM 1. THE MATHEMATICAL METHOD IN ECONOMICS 1.1. Introductory remarks 1.2. Difficulties of the application of the mathematical method 1.3. Necessary limitations of the objectives 1.4. Concluding remarks 2. QUALITATIVE DISCUSSIOIN OF THE PROBLEM OF RATIONAL BEHAVIOR 2.1. The problem of rational behavior 2.2. "" Robinson Crusoe"" economy and social exchange economy 2.3. The number of variables and the number of participants 2.4. The case of many participants: Free competition. 2.5. The ""Lausanne"" theory3. THE NOTION OF UTILITY 3.1. Preferences and utilities 3.2. Principles of measurement: Preliminaries 3.3. Probability and numerical utilities 3.4. Principles of measurement: Detailed discussion 3.5. Conceptual structure of the axiomatic treatment of numerical utilities 3.6. The axioms and their interpretation 3.7. General remarks concerning the axioms 3.8. The role of the concept of marginal utility 4. STRUCTURE OF THE THEORY: SOLUTIONS AND STANDARDS OF BEHAVIOR 4.1. The simplest concept of a solution for one participant. 4.2. Extension to all participants4.3. The solution as a set of imputations 4.4. The intransitive notion of superiority or domination -- 4.5. The precise definition of a solution 4.6. Interpretation of our definition in terms of standards of behavior -- 4.7. Games and social organizations 4.8. Concluding remarks CHAPTER II: GENERAL FORMAL DESCRIPTION OF GAMES OF STRATEGY 5. INTRODUCTION 5.1. Shift of emphasis from economics to games 5.2. General principles of classification and of procedure 6. THE SIMPLIFIED CONCEPT OF A GAME 6.1. Explanation of the termini technici. 6.2. The elements of the game6.3. Information and preliminary 6.4. Preliminarity, transitivity, and signaling 7. THE COMPLETE CONCEPT OF A GAME 7.1. Variability of the characteristics of eath move 7.2. The general description 8. SETS AND PARTITIONS 8.1. Desirability of a set-theoretical description of a game 8.2. Sets, their properties, and their graphical representation 8.3. Partitions, their properties, and their graphical representation 8.4. Logistic interpretation of sets and partitions *9. THE SET-THEORETICAL DESCRIPTION OF A GAME *9.1. The partitions which describe a game. *9.2. Discussion of these partitions and their properties*10. AXIOMATIC FORMULATION *10.1. The axioms and their interpretations *10.2. Logistic discussion of the axioms *10.3. General remarks concerning the axioms *10.4. Graphical representation 11. STRATEGIES AND THE FINAL SIMPLIFICATION OF THE DESCRIPTION OF A GAME 11.1. The concept of a strategy and its fomalization 11.2. The final simplification of the description of a game 11.3. The role of strategies in the simplified form of a game 11.4. The meaning of the zero-sum restriction CHAPTER III: ZERO-SUM TWO-PERSON GAMES: THEORY. This is the classic work upon which modern-day game theory is based. What began more than sixty years ago as a modest proposal that a mathematician and an economist write a short paper together blossomed, in 1944, when Princeton University Press published "Theory of Games and Economic Behavior". In it, John von Neumann and Oskar Morgenstern conceived a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy. Not only would this revolutionize economics, but the entirely new field of scientific inquiry, it yielded - game theory - which has since been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations. And it is today established throughout both the social sciences and a wide range of other sciences. This sixtieth anniversary edition includes not only the original text but also an introduction by Harold Kuhn, an afterword by Ariel Rubinstein, and reviews and articles on the book that appeared at the time of its original publication in the "New York Times", the "American Economic Review", and a variety of other publications. Together, these writings provide readers a matchless opportunity to more fully appreciate a work whose influence will yet resound for generations to come "This is the classic work upon which modernday game theory is based. What began more than sixty years ago as a modest proposal that a mathematician and an economist write a short paper together blossomed, in 1944, when Princeton University Press published Theory of Games and Economic Behavior. In it, John von Neumann and Oskar Morgenstern conceived a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy. Not only would this revolutionize economics, but the entirely new field of scientific inquiry it yielded -- game theory -- has since been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations. And it is today established throughout both the social sciences and a wide range of other sciences." "This sixtieth-anniversary edition includes not only the original text but also an introduction by Harold Kuhn, an afterword by Ariel Rubinstein, and contemporary reviews and articles on the book that appeared in the New York Times, The American Economic Review, and a variety of other publications. Together, these writings provide readers a matchless opportunity to more fully appreciate a work whose influence will yet resound for generations to come. Book jacket."--BOOK JACKET This is the classic work upon which modern-day game theory is based. What began more than sixty years ago as a modest proposal that a mathematician and an economist write a short paper together blossomed, in 1944, when Princeton University Press published Theory of Games and Economic Behavior . In it, John von Neumann and Oskar Morgenstern conceived a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy. Not only would this revolutionize economics, but the entirely new field of scientific inquiry it yielded—game theory—has since been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations. And it is today established throughout both the social sciences and a wide range of other sciences. This sixtieth anniversary edition includes not only the original text but also an introduction by Harold Kuhn, an afterword by Ariel Rubinstein, and reviews and articles on the book that appeared at the time of its original publication in the New York Times , tthe American Economic Review , and a variety of other publications. Together, these writings provide readers a matchless opportunity to more fully appreciate a work whose influence will yet resound for generations to come. Published in 1944, "Theory of Games and Economic Behavior" featured a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy. This title includes the original text, an introduction by Harold Kuhn, and reviews and articles on the book that appeared at the time of its original publication. Presents a mathematical theory of economic and social organization, which is based on a theory of games of strategy. This book includes an introduction by Harold Kuhn, an afterword by Ariel Rubinstein, and reviews and articles on the book that appeared at the time of its original publication in a variety of publications. First published in 1944, this book, co-written by an economist & a mathematician, conceived a groundbreaking theory of economic & social organisation based on a theory of games of strategy. The result was a revolution in economics & game theory has since emerged as a major tool of analysis in many other fields Theory of Games and Economic Behavior is written by mathematician John von Neumann and economist Oskar Morgenstern and became the groundbreaking text that created the research field of game theory. It is considered the classic work upon which modern-day game theory is based. John Von Neumann, And Oskar Morgenstern ; With An Introduction By Harold W. Kuhn And An Afterword By Ariel Rubinstein. Originally Published: 1944. Includes Bibliographical References And Index. John Von Neumann And Oskar Morgenstern. This Ed. Originally Published: 2004. Includes Bibliographical References And Index. Mode Of Access: World Wide Web.