Problems of Monopoly and Economic Warfare

9780710060143: Problems of Monopoly and Economic Warfare
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ZEUTHEN, F. [Frederik] [Ludvig Bang] (1888-1959):
Published by London: Routledge & Kegan Paul, 1968. (1968)
ISBN 10: 0710060149 ISBN 13: 9780710060143
Used Hardcover First Edition Quantity Available: 1
Ted Kottler, Bookseller
(Redondo Beach, CA, U.S.A.)

Book Description London: Routledge & Kegan Paul, 1968., 1968. Hardcover. Book Condition: Near Fine. Dust Jacket Condition: Near Fine. 1st Edition. 1968 reissue of original 1930 First Edition in English (translated from works originally published separately in Danish in 1928-29). xv, 152 pp. Original cloth. Near Fine, in very good+ dust jacket. 'In 1956, Harsanyi showed that Nash's bargaining solution could be derived from an earlier theory of bargaining by the Danish economist Frederik Zeuthen (1930)' (Roger Myerson, 'Learning Game Theory from John Harsanyi', August 31, 2000). 'Nash made a start on the cooperative theory with his paper on the Bargaining Problem, to some extent conceived while he was still an undergraduate. (A related much earlier study is due to Zeuthen)' (John Milnor, 'John Nash and A Beautiful Mind'). 'Harsanyi's interests turned more definitely to game theory . . . The first fruits were his comparison of alternative approaches to the theory of bargaining (1956), comparing the developments of Frederik Zeuthen, John R. Hicks, and John F. Nash, Jr. As long ago as 1930 the Danish economist Zeuthen had written a study of monopoly and what he called 'economic warfare' (i.e., oligopolistic competition). He included an analysis of bargaining, which, as Harsanyi showed, was essentially the same as that developed by Nash (1950). (In my view, Zeuthen's contributions to economic theory have never received the recognition they deserve)' (Nobel Laureate Kenneth J. Arrow, 'John C. Harsanyi May 29, 1920 August 9, 2000', Biographical Memoirs, National Academy of Sciences). 'The first step in the development of the theory of games involved the construction of a formal, mathematical description of a game. Von Neumann and Morgenstern were the first to describe games as a class, delimit the information structure of a game, draw a game tree, and define a solution to a game. Thus, whereas earlier authors (i.e., Cournot) had analyzed problems that would later become identified as part of game theory, von Neumann and Morgenstern established game theory as a distinct and autonomous field. . . . There is a divergent opinion concerning The Theory of Games and Economic Behavior. According to this view, the origins of game theory can be found in the selected work of Antoine August Cournot, Recherches sue les Principes Mathematiques de la Richesse (Paris: Calmann Levy, 1838), Francis Ysidro Edgeworth, Mathematical Physics (1881), and Frederik Zeuthen, Problems of Monopoly and Economic Warfare (London: Routledge, 1930), not in von Neumann and Morgenstern's book' (Maria Joao Cardoso De Pina Cabral, 'John von Neumann's contribution to economic science', International Social Science Review, Fall-Winter, 2003). 'Professor Schumpeter's preface recommends this book as the best introduction to 'the phenomena between the limiting cases of perfect competition and 'pure' monopoly, i.e., practically the whole of the reality of markets.' At the 1930 meeting of the American Economic Association, [Nobel Laureate] Professor [Ragnar] Frisch suggested it as evidence that institutional criticisms of value theory do not allow sufficiently for the elasticity of the old doctrine. . . . Those to whom economic theory is primarily a series of appraisals of unregulated markets and distributive processes will find Doctor Zeuthen's treatment rather revolutionary than supplemental' (Corwin D. Edwards, review for The American Economic Review, Vol. 21, No. 4, Dec., 1931, pp. 701-4). Bookseller Inventory # 21962

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