b. 1950
David M. Kreps is an American game theorist and economist, longtime professor at Stanford Graduate School of Business, known for foundational contributions to dynamic game theory, decision theory under uncertainty, and the microeconomic foundations of finance. His work on sequential equilibrium and reputation effects in repeated games reshaped how economists model strategic interaction over time.
Co-developed the concept of sequential equilibrium with Robert Wilson
Authored the influential textbook 'A Course in Microeconomic Theory'
Pioneered analysis of reputation effects in finitely repeated games (Kreps-Milgrom-Roberts-Wilson)
Critiqued backward induction as a solution concept in extensive-form games
Awarded the John Bates Clark Medal in 1989