- Seminar 3 (12.11.2020): Nobel Prize laureates in Economic Sciences (2)
Online meeting
12.11.2020 at 08:00: MS teams: BPV_APEC Public Economics
Students´ presentations
Paul A. Samuelson
Paul A. Samuelson
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1970
Born: 15 May 1915, Gary, IN, USA
Died: 13 December 2009, Belmont, MA, USA
Affiliation at the time of the award: Massachusetts Institute of Technology (MIT), Cambridge, MA, USA
Prize motivation: "for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science."
Contribution: Contributed to raising the general analytical and methodological level in economic science.
Prize share: 1/1
John F. Nash
John F. Nash Jr.
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1994
Born: 13 June 1928, Bluefield, WV, USA
Died: 23 May 2015, New Jersey, NJ, USA
Affiliation at the time of the award: Princeton University, Princeton, NJ, USA
Prize motivation: "for their pioneering analysis of equilibria in the theory of non-cooperative games."
Contribution: Introduced the distinction between cooperative games, in which binding agreements can be made, and non-cooperative games, where binding agreements are not feasible. Developed an equilibrium concept for non-cooperative games that now is called Nash equilibrium.
Prize share: 1/3
Thomas C. Schelling
Thomas C. Schelling
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005
Born: 14 April 1921, Oakland, CA, USA
Died: 13 December 2016, Bethesda, MD, USA
Affiliation at the time of the award: University of Maryland, Department of Economics and School of Public Policy, College Park, MD, USA
Prize motivation: "for having enhanced our understanding of conflict and cooperation through game-theory analysis."
Contribution: A creative application of game theory to important social, political and economic problems. Showed that a party can strengthen its position by overtly worsening its own options, that the capability to retaliate can be more useful than the ability to resist an attack, and that uncertain retaliation is more credible and more efficient than certain retaliation. These insights have proven to be of great relevance for conflict resolution and efforts to avoid war.
Prize share: 1/2
Richard H. Thaler
Richard H. Thaler
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017
Born: 12 September 1945, East Orange, NJ, USA
Affiliation at the time of the award: University of Chicago, Chicago, IL, USA
Prize motivation: "for his contributions to behavioural economics."
Prize share: 1/1