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Reinhard Selten’s Impact on Economy

Selten is well known for his work with the concept of limited rationality, describing the economic behavior of a man. He is widely recognized as one of the founding fathers of the experimental economy, which began to develop in the 1980s.

Selten supplemented the Nash equilibrium with the conditions for preliminary game agreements, developed a so-called clean strategy of decision-making with an intuitive choice, worked on proving the existence of true equilibrium points that provide really rational behavior of the players. Selten also worked on models of oligopolistic games, including the model of bilateral oligopoly – a situation where a limited number of large buyers are confronted by a limited number of large sellers.

Selten wrote an essay entitled Model of the oligopoly with inertia of demand. He developed an example of the game Selten’s Horse, which resulted from his views on the extensive form of the game.

In 1965, Reinhard Selten proposed the idea of refining John Nash’s equilibria in games in expanded form. He introduces the concept of Nash’s equilibrium, done on sub-games. Selten remarks that of all Nash equilibria, some are better, in the sense that they have some additional good properties, namely on each subgame each player plays optimally with the fixed strategies of all the others. If the definition of Nash equilibrium requires the optimality of the actions of each player with fixed strategies of the rest only in the whole game, then why not select a subclass of all equilibria in which additional properties are performed, namely, players always play optimally, on any subgame wherever the game comes.

This idea, the idea of isolating from the whole set of equilibria those equilibria that have additional good properties, has been called refining of equilibria. Selten actually proposed the first concept of refining Nash’s equilibria. In 1966, John Harsanyi in his work determines how cooperative games differ from non-cooperative ones. Cooperative games are those in which various agreements, promises, and threats are binding, that is, once promised to carry out a threat in this or that case, we guarantee that it will be implemented. If these promises can be broken, and every player can deviate from these promises, then such games are non-cooperative.

Selten is well known for his work with the concept of limited rationality, describing the economic behavior of a man. He is widely recognized as one of the founding fathers of the experimental economy, which began to develop in the 1980s.

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