![]() In fact, Austen’s novels contain game-theoretic insights not yet superseded by modern social science.īefore going into Austen’s theoretical contributions, let me briefly introduce how game theory is used in economics.įor most of its history, economics concentrated on the analysis of what it calls “perfectly competitive” markets: markets with a multitude of buyers and a multitude of sellers, with no single firm having any influence over market prices.īut even back in the 19th century, economists realized how imperfect markets were becoming. But Austen’s novels, written in the early 1800s, anticipated by more than a century the most fundamental game-theoretic concepts, including the emphasis on choice, the theory of utility, and the theoretical analysis of strategic thinking. This popular and beloved writer used little mathematics or economics. ![]() I have published mathematical economics papers in journals such as the “Journal of Economic Theory.” But my latest book is built around the theoretical insights of Jane Austen. ![]() Probably the best-known game theorist is John Nash, who received the Nobel Prize in economics and was featured in the movie “A Beautiful Mind.” ![]() I’m a specialist in game theory, the mathematical analysis of strategic thinking. Economist Michael Chwe has written a book called “Jane Austen: Game Theorist.” Do you need more of a reason to read this post? Video from Michael Chwe’s YouTube channel. ![]()
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