Thomas C. Schelling

AAA

DEFINITION of 'Thomas C. Schelling'

An American economist who won the 2005 Nobel Memorial Prize in Economics, along with Robert J. Aumann, for his research on conflict and cooperation via game theory. His research has been used in conflict resolution and war avoidance. Many of his research interests have been related to national security, energy and environmental policy, and ethical issues in public policy and business.

INVESTOPEDIA EXPLAINS 'Thomas C. Schelling'

Schelling was born in California in 1921. He earned his Ph.D. from Harvard and taught at Yale and Harvard before becoming professor of economics at the University of Maryland. He has also worked for the White House and the RAND Corporation.

RELATED TERMS
  1. Robert J. Aumann

    An economist and winner of the 2005 Nobel Prize in Economics, ...
  2. John F. Nash Jr.

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

    An expert who studies the relationship between a society's resources ...
  4. Game Theory

    A model of optimality taking into consideration not only benefits ...
  5. Subprime Meltdown

    The sharp increase in high-risk mortgages that went into default ...
  6. Event Risk

    1. The risk due to unforeseen events partaken by or associated ...
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. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  2. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  3. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  4. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  5. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
  6. Limit-On-Open Order - LOO

    A type of limit order to buy or sell shares at the market open if the market price meets the limit condition. This type of ...
Trading Center