Reinhard Selten

AAA

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.

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. Zero-Sum Game

    A situation in which one person’s gain is equivalent to another’s ...
  2. John F. Nash Jr.

    An American mathematician who won the 1994 Nobel Memorial Prize ...
  3. John Harsanyi

    An economist who won the Nobel Memorial Prize in 1994 along with ...
  4. Economist

    An expert who studies the relationship between a society's resources ...
  5. Prisoner's Dilemma

    A paradox in decision analysis in which two individuals acting ...
  6. Game Theory

    A model of optimality taking into consideration not only benefits ...
Related Articles
  1. How Influential Economists Changed Our ...
    Fundamental Analysis

    How Influential Economists Changed Our ...

  2. The Uncertainty Of Economics: Exploring ...
    Economics

    The Uncertainty Of Economics: Exploring ...

  3. Game Theory: Beyond The Basics
    Options & Futures

    Game Theory: Beyond The Basics

  4. The Basics Of Game Theory
    Fundamental Analysis

    The Basics Of Game Theory

comments powered by Disqus
Hot Definitions
  1. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  2. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  3. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  4. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
  5. Over The Counter

    A security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, etc. The phrase "over-the-counter" ...
  6. Earnings Before Interest After Taxes - EBIAT

    A financial measure that is an indicator of a company's operating performance. EBIAT, which is equivalent to after-tax EBIT ...
Trading Center