Reinhard Selten
contemporaryGame Theory / Behavioral Economics1930 – 2016
Reinhard Selten was a German economist and mathematician who shared the 1994 Nobel Memorial Prize in Economic Sciences with John Nash and John Harsanyi for their pioneering analysis of equilibria in non-cooperative game theory. He is best known for introducing the concept of subgame perfect equilibrium, a refinement of Nash equilibrium for extensive-form games, and for his later work in bounded rationality and experimental economics.
Notable Achievements
1
Introduced the concept of subgame perfect equilibrium (1965)
2
Shared the 1994 Nobel Memorial Prize in Economic Sciences with Nash and Harsanyi
3
Developed the trembling hand perfect equilibrium refinement
4
Pioneered experimental economics and bounded rationality research in Germany
5
Founded the Bonn Laboratory for Experimental Economics