Economic Theories of Harsanyi, Nash, Selten, Fogel, and North The theories of these five men: John C. Harsanyi, John Nash, Reinhard Selten, Robert W. Fogel, and Douglass C. North, made an abundant progress in the Economic Sciences in America and the economy. For these great accomplishments, these five were awarded the Noble Peace Prize in Economic Sciences in 1994(Harsanyi, Nash, Selten), and 1993(Forgel, North). The three economists who was awarded the Noble Peace Prize in 1994 for their excellent work and progress in game theory was know as pioneers in using games like chess and poker as the foundation for understanding complex economic issues. This was precisely half a century after John Von Neumann and Osar Morgenstern launched the field with the publication of "The Theory of Games and Economic Behavior." "John F. Nash of Pr....

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Number Of Words: 1419

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