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- W4280609064 abstract "This chapter offers a shorter review of the 1947 second edition of <italic>Theory of Games and Economic Behavior</italic> by John von Neumann and Oskar Morgenstern. The book’s objective is to solve the problem of rational behavior in a very general type of situation. It is, therefore, not surprising that its results are of relevance in many fields of knowledge, among them economics and statistical inference. In both economics and statistics, the problem of rational behavior is a fundamental one. Thus, one of the classical problems treated by the economic theory is that of profit maximization by a firm. The essence of the solutions of von Neumann and Morgenstern is to base the optimal strategy on the minimax principle. As applied to a game, the principle requires that one should choose a strategy which minimizes the maximum loss that could be inflicted by the opponent." @default.
- W4280609064 created "2022-05-22" @default.
- W4280609064 date "2022-05-19" @default.
- W4280609064 modified "2023-09-23" @default.
- W4280609064 title "Book Review" @default.
- W4280609064 doi "https://doi.org/10.1093/oso/9780199313280.003.0022" @default.
- W4280609064 hasPublicationYear "2022" @default.
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