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Money and Financial Institutions - A Game Theoretic Approach
The Selected Essays of Martin Shubik. Volume 2. Economists of the Twentieth Century Series v. 2
This book presents Martin Shubik's important contribution to the development of game theory, and shows how game theory methods can be used in the study of prices, money and financial institutions. After introducing the reader to his career and the influences which developed his research, Professor Martin Shubik addresses the price system considering issues such as competitive equilibrium, economic exchange and production. He explores the competitive price system and the emergence of money and financial systems to develop a theory of monetary and financial institutions. Specifically, he examines the role of money in the economy using both cooperative and non-cooperative solutions in game theory. Throughout the book Martin Shubik stresses that the value of games, which can be both played and analysed, provides an important link between theory and process and institutional studies. This book will be welcomed by economists, especially those interested in game theory, as well as by money and banking professionals.
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What Reviewers Are Saying
'Martin Shubik has been one of the great pioneers in the application of game theory to economic problems. His work sheds considerable light on fundamental institutions such as the price system and money.' -- Eric Maskin, Harvard University, US 'The two volumes of the Selected Essays of Professor Shubik present a recognizably most valuable collection. The earlier publication of Shubik's book Game Theory in the Social Sciences was very much appreciated and won the Lanchester Prize of the Operations Research Society of America. This illustrates how the work of Martin Shubik connects ideas, precision, and methods of mathematics with a real understanding of what are the relevant issues which make an otherwise generic scientific question indeed a question of economic interest and significance (and the same can be said a little more broadly with "the social sciences" replacing economics). The volumes are of interest because the papers that are included are well-chosen and in particular include interesting collaborations of Shubik with co-authors such as Dubey and Shapley.' -- John Nash, Princeton University, US 'Game theory is now a mainstay of a wide range of disciplines within economics and elsewhere. The credit for recognizing its potentiality belongs to a small group of dedicated researchers, of whom one of the liveliest and most influential is Martin Shubik. These essays are a testament to his remarkable -- insight.' - Ken Binmore, University College London, UK