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The idea of Nash equilibrium was know to economists before Nash. Good examples are Cournot, Bertrand and Hotelling models. They provided the intuition and the mathematics for it. Unfortunatelly, most of the researchers on game theory in [View full text and thread]
| 05/06/2001 11:18 PM by Rodrigo; Cournot and Nash |
You'll find the meaning of Nash's contribution in Roger Myerson's paper "Nash Equilibrium and the History of Economic Theory", Journal of Economic Literature, 37(3), September 1999, pages 1067-82. I also suggest the wonderful book "A Beautiful Mind", by Sylvia Nasar. Nasar's book is a biography of his brilliant and tragic life. She also talks about what went on behind the scenes when the Nobel prize committee decided to award him with the Nobel prize. However controversial is the Nobel in economics, Nasar shows clearly why he deserved it. Cournot work is on duopoly. Nash's is on many player's noncooperative games. Nash's contribution has to be based on answers he offered to questions posed in von Neumman and Morgenstern's book. This book was the state of the art at that time, and even von Neumann (one of the greatest mathematical minds of the 20th century!) had no idea about how deal with what nash did. Believe me, if you want to know his importance to economic theory, read Nasar's book. You'll start it and won't stop untill you finish. [Manage messages]
| 05/05/2001 09:23 AM by rudy; |
I think Cournot did not realized with the methodology of his work. That's right Cournot is the founder of oligopoly theory, but he did not give contribution (or just accidentally) to the game theory. [View full text and thread]
| 05/04/2001 07:47 PM by Jean Lanud; Cournot and Nash |
In 1838, Cournot developed game models of oligopolistic competition, which he analysed by the methodology of Nash equilibrium. And he was writing more than a century before Nash. I think (it is just my opinion) John Nash did not find [View full text and thread]
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