Oskar Morgenstern
modernGame Theory / Mathematical Economics1902 – 1977
Oskar Morgenstern was a German-born Austrian-American economist and mathematician best known for co-authoring 'Theory of Games and Economic Behavior' (1944) with John von Neumann, which founded the field of game theory. His work on strategic interaction, economic forecasting, and the logical foundations of rational decision-making profoundly shaped modern economics, political science, and philosophy of action.
Notable Achievements
1
Co-founded game theory with John von Neumann in 'Theory of Games and Economic Behavior' (1944)
2
Developed the von Neumann–Morgenstern utility theorem, axiomatizing expected utility theory
3
Critiqued the reliability of economic forecasting and measurement in 'On the Accuracy of Economic Observations' (1950)
4
Raised foundational challenges to backward induction and common knowledge assumptions in strategic reasoning
5
Co-founded Mathematica, a Princeton-based economic research firm influential in defense policy analysis