Reinhard Selten

Date of Birth: October 5, 1930

Zodiac Sign: Libra

Date of Death: August 23, 2016

Biography

Reinhard Selten was a renowned German economist, best known for his pioneering contributions to the field of game theory, for which he was awarded the Nobel Memorial Prize in Economic Sciences in 1994, alongside John Nash and John Harsanyi. Born in Breslau, Germany (now Wrocław, Poland), Selten’s early life was marked by the challenges of World War II. Despite these hardships, he pursued his education diligently, eventually earning a degree in mathematics from Goethe University Frankfurt in 1957. Selten’s academic career was distinguished by his innovative work on bounded rationality and his formulation of the concept of subgame perfect equilibrium, which has become a cornerstone in the study of strategic interactions. He held professorships at several prestigious institutions, including the University of Frankfurt, the Free University of Berlin, and the University of Bonn, where he spent the majority of his career. Throughout his lifetime, Selten published numerous influential papers and books, contributing significantly to the development of economic theory. His interdisciplinary approach also led him to explore experimental economics, making him a pivotal figure in both theoretical and applied economics.

5 Interesting Facts about Reinhard Selten

1. Reinhard Selten was a co-recipient of the 1994 Nobel Memorial Prize in Economic Sciences.

2. He was one of the founders of experimental economics.

3. Selten was a member of the editorial board of several leading economic journals.

4. He was known for his work on bounded rationality, a concept that challenges the notion that individuals always make perfectly rational decisions.

5. Selten was an avid Esperantist, promoting the use of the constructed international auxiliary language.

5 Most Interesting Quotes from Reinhard Selten

1. “Economic theory is not only about the behavior of individuals but also about the institutions within which they operate.”

2. “Bounded rationality is a concept that recognizes the limitations of human decision-making.”

3. “Game theory can provide a framework for understanding strategic interactions in a variety of contexts.”

4. “The beauty of mathematics lies in its power to describe complex phenomena with simple, elegant models.”

5. “Experimental economics allows us to test theories in a controlled environment and gain insights that are not possible through purely theoretical models.”