Nobel Peace Prize winners

The theories of these five men: John C. Harsanyi, John Nash, Reinhard Selten, Robert W.
Fogel, and Douglass C. North, made an abundant progress in the Economic Sciences in America
and the economy.For these great accomplishments, these five were awarded the Noble Peace Prize
in Economic Sciences in 1994(Harsanyi, Nash, Selten), and 1993(Forgel, North).
The three economists who was awarded the Noble Peace Prize in 1994 for their excellent
work and progress in game theory was know as pioneers in using games like chess and poker as the
foundation for understanding complex economic issues.This was preciselyhalf a century after
John Von Neumann and Osar Morgenstern launched the field with the publication of "The Theory
of Games and Economic Behavior."
"John F. Nash of Princeton University(a American economists), John C. Harsanyi of the
University of California at Berkeley(a Hungarian economist), and Reinhard Selten of the Rheinische
Friedrich- Wilhelms-Universitat in Bonn(a German economists), shared the award, and the
$930,000 cash award for their achievements in economics."1
The trios accomplishment portrayed the significance of Von Neumann and Morgenstern’s
contribution to game theory, which was recognized by economists and others almost immediately.
The lessons they drew from homely games like chess and poker had exemplified universal
application to economic situations in which the participants had the power to anticipate and affect
other participants’ actions.Harsanyi stated "it is a theory of strategic interactions…of rational
behavior in social situations in which each player has to choose his moves on the basis of what he
thinks the other players' counter moves are likely to be"2
Economists did not have an immediate success in applying their insights to a field whose
preoccupation with the idea of "free competition" required that the…

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