Reinhard Selten

Reinhard Selten (1930–2016) was a German economist and game theorist who shared the 1994 Nobel Memorial Prize in Economic Sciences for contributions to game theory.

Game theory: The mathematical study of strategic interaction among decision-makers. Selten developed equilibrium concepts that became central to modern game theory.
Subgame perfect equilibrium: A strategy profile that induces a Nash equilibrium in every subgame of an extensive-form game. Selten introduced this refinement to exclude noncredible threats in dynamic games.
John Harsanyi: A Hungarian-American economist who developed a systematic analysis of games with incomplete information. Harsanyi shared the 1994 economics Nobel with Selten and John Nash.
Experimental economics: The use of controlled experiments to study economic decisions and institutions. Selten was a leading practitioner who used laboratory games to test theoretical predictions.
Nobel Memorial Prize in Economic Sciences: An annual international award recognizing contributions to economic science. Selten received the 1994 prize jointly with John Harsanyi and John Nash.
Nash equilibrium: A strategy profile in which no player benefits by changing strategy alone. Selten refined Nash equilibrium to rule out implausible predictions in dynamic games.
Perfect Bayesian equilibrium: An equilibrium in an extensive-form game with beliefs and sequentially rational strategies. It extends sequential reasoning to games with incomplete information, building on refinement ideas.
John Nash: An American mathematician whose equilibrium concept transformed the analysis of strategic games. Nash shared the 1994 economics Nobel with Selten and Harsanyi.
Behavioral game theory: The study of strategic behavior that incorporates psychological and cognitive limits. Selten’s work on bounded rationality helped shape this approach.
Nash program: The project of deriving predictions for large games from equilibrium behavior in simpler games. Selten’s refinements strengthened the search for credible, stable predictions in game theory.

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Vernon L. SmithRelated: Selten’s experiments and Smith’s market studies helped broaden economics beyond purely theoretical analysis.