Economists of the Twentieth Century
2 total works
This book presents the most important published articles of Martin Shubik who has made a path-breaking contribution to game theory and political economy. The volume shows how game theory can be used to explore fundamental problems in economics, political science and operations research.
The book opens with an introduction to the career of Martin Shubik and the influences which have shaped his research. In this, and the chapters which follow, Martin Shubik stresses the importance of formulative models as playable games and the treatment of information to describe decision making among individuals, using examples from industrial organization. He demonstrates that games are a fruitful way to extend our knowledge of competition among the few. In addition, he considers the importance of gaming in economics and business suggesting that experimental games can be used to illustrate problems and principles in multi-person decision making.
This book will be welcomed by economists, game theorists, political scientists, and operations researchers.
Money and Financial Institutions - A Game Theore - The Selected Essays of Martin Shubik Volume Two
by Martin Shubik
This book presents Martin Shubik's important contribution to the development of game theory, and shows how game theory methods can be used in the study of prices, money and financial institutions.
After introducing the reader to his career and the influences which developed his research, Professor Martin Shubik addresses the price system considering issues such as competitive equilibrium, economic exchange and production. He explores the competitive price system and the emergence of money and financial systems to develop a theory of monetary and financial institutions. Specifically, he examines the role of money in the economy using both cooperative and non-cooperative solutions in game theory. Throughout the book Martin Shubik stresses that the value of games, which can be both played and analysed, provides an important link between theory and process and institutional studies.
This book will be welcomed by economists, especially those interested in game theory, as well as by money and banking professionals.