Reinhard Selten

About Reinhard Selten

Who is it?: Economist
Birth Day: October 05, 1930
Birth Place: Wrocław, Poland, Polish
Died On: 23 August 2016(2016-08-23) (aged 85)\nPoznań, Poland
Birth Sign: Scorpio
Alma mater: Goethe University Frankfurt
Known for: Game theory
Awards: Nobel Memorial Prize in Economic Sciences (1994)
Fields: Economics
Institutions: University of Bonn
Doctoral advisor: Ewald Burger Wolfgang Franz
Doctoral students: Eric van Damme
Influenced: Axel Ockenfels Benny Moldovanu Abdolkarim Sadrieh

Reinhard Selten Net Worth

Reinhard Selten was bornon October 05, 1930 in Wrocław, Poland, Polish, is Economist. Reinhard Selten is a German economist who won a share of the 1994 Nobel Memorial Prize in Economic Sciences. Known for his work in bounded rationality, he played a major role in the development of game theory. He also built the Laboratory for Experimental Economics (BonnEconLab) at the University of Bonn and is often referred to as one of the founding fathers of experimental economics. Born in Breslau (Wrocław) in Germany (now in Poland) in 1930, he grew up during a highly tumultuous period in European history. Partly of Jewish origin, he endured a tough childhood and teenage, living under the Hitler regime. However, unlike many of his relatives who perished in the holocaust, he was able to survive the World War II and proceeded to rebuild his life. He studied mathematics at the University of Frankfurt and worked as scientific assistant to Heinz Sauermann for a few years. Having a deep interest in game theory, he refined the important economic concept of the Nash equilibrium, which had been proposed by the prominent mathematician John Nash. Working on the concept, Selten developed the “subgame perfect equilibrium” and discussed his theory with economist John Harsanyi. The collective works of Nash, Selten, and Harsanyi won the trio the 1994 Nobel Memorial Prize in Economic Sciences.
Reinhard Selten is a member of Intellectuals & Academics

💰 Net worth: Under Review

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Biography/Timeline

1942

Selten was born in Breslau (Wrocław) in Lower Silesia, now in Poland, to a Jewish father, Adolf Selten (blind bookseller; d. 1942), and Protestant mother, Käthe Luther. Reinhard Selten was raised as Protestant.

1957

After a brief family exile in Saxony and Austria, Selten returned to Hesse, Germany after the war and, in high school, read an article in Fortune magazine about game theory by the Business Writer John D. McDonald. He recalled later, he would occupy his "mind with problems of elementary geometry and algebra" while walking back and forth to school during that time. He studied mathematics at Goethe University Frankfurt and obtained his diploma in 1957. He then worked as scientific assistant to Heinz Sauermann until 1967. In 1959, he married with Elisabeth Lang Reiner. They had no children. In 1961, he also received his doctorate in Frankfurt in mathematics with a thesis on the evaluation of n-person games.

1959

Selten was professor emeritus at the University of Bonn, Germany, and held several honorary doctoral degrees. He had been an Esperantist since 1959 and met his wife through the Esperanto movement. He was a member and co-founder of the International Academy of Sciences San Marino.

1969

He was a visiting professor at Berkeley and taught from 1969 to 1972 at the Free University of Berlin and, from 1972 to 1984, at the University of Bielefeld. He then accepted a professorship at the University of Bonn. There he built the BonnEconLab, a laboratory for experimental economic research, on which he has been active even after his retirement.

1994

For his work in game theory, Selten won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash). Selten was Germany's first and, at the time of his death, only Nobel winner for economics.

2001

He is also well known for his work in bounded rationality, and can be considered as one of the founding fathers of experimental economics. With Gerd Gigerenzer he edited the book Bounded Rationality: The Adaptive Toolbox (2001). He developed an Example of a game called Selten's Horse because of its extensive form representation. His last work was "Impulse Balance Theory and its Extension by an Additional Criterion".

2009

For the 2009 European Parliament election, he was the top candidate for the German wing of Europe – Democracy – Esperanto.