Reinhard Selten

DEFINITION of 'Reinhard Selten'

An economist and mathematician who won the 1994 Nobel Memorial Prize in Economics, along with John Nash and John Harsanyi, for his research on game theory. Selten developed the concept of subgame perfection, a refinement of the Nash equilibrium. His other areas of research include oligopoly theory and experimental economics.

BREAKING DOWN 'Reinhard Selten'

Selten was born in 1930 in Breslau, a German city that is now part of Poland. His childhood was interrupted by World War II. Half Jewish, he became a refugee after his family escaped on one of the last outbound trains. He went on to earn his Ph.D. in mathematics from the University of Frankfurt. He has taught at the Free University of Berlin, the University of Bielefed and the University of Bonn and has served on the editorial board of a number of academic journals.