Oskar Morgenstern

Oskar Morgenstern (1902–1977) was an economist who collaborated with mathematician John von Neumann on game theory and the mathematical analysis of economic behavior.

John von Neumann: A mathematician and physicist whose work included game theory, quantum mechanics, and computer architecture. Morgenstern and von Neumann jointly developed the theory of games and economic behavior.
Game theory: The mathematical study of strategic interactions among decision-makers whose outcomes depend on one another’s choices. It is the field Morgenstern helped establish as a framework for economic behavior.
Theory of Games and Economic Behavior: A 1944 book by John von Neumann and Oskar Morgenstern that founded modern game theory and axiomatic expected utility. This joint work is Morgenstern’s best-known contribution to mathematical economics.
University of Vienna: A public research university in Vienna, Austria, founded in 1365. Morgenstern studied and later taught economics there before emigrating to the United States.
Leonid Hurwicz: An economist who helped found mechanism design and studied how institutions allocate resources. Hurwicz extended the mathematical study of economic institutions that Morgenstern helped advance.
Expected utility hypothesis: The principle that choices under uncertainty can be represented as maximizing expected utility. The 1944 theory with von Neumann formalized rational choice under uncertainty using this principle.
Mathematical economics: The use of mathematical methods to formulate and analyze economic theories. Morgenstern helped make formal mathematical analysis central to economic theory.
Princeton University: A private research university in Princeton, New Jersey, founded in 1746. Morgenstern joined Princeton’s Institute for Advanced Study in 1938 and worked there for the rest of his career.
Friedrich Hayek: An economist and political philosopher known for work on prices, knowledge, and economic coordination. Hayek and Morgenstern were colleagues at the University of Vienna during the interwar period.
Strategic form game: A representation of a game specifying each player's strategies and the payoff for every strategy combination. This formal structure made interdependent economic decisions mathematically analyzable.

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