“Evolutionary game theory is one of the most active and rapidly growing areas of research in economics. Unlike traditional game theory models, which assume that all players are fully rational and have complete knowledge of details of the game, evolutionary models assume that people choose their strategies through a trial-and-error learning process in which they gradually discover that some strategies work better than others. In games that are repeated many times, low-payoff strategies tend to be weeded out, and an equilibrium may emerge.”

—  Larry Samuelson

Larry Samuelson. Evolutionary Games and Equilibrium Selection. 1997. Overview.

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American economist 1953

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“Although the drama of games of strategy is strongly linked with the psychological aspects of the conflict, game theory is not concerned with these aspects. Game theory, so to speak, plays the board. It is concerned only with the logical aspects of strategy.”

Anatol Rapoport (1911–2007) Russian-born American mathematical psychologist

Source: 1960s, "The Use and Misuse of Game Theory," 1962, p. 110

“The paper develops a new theory for the analysis of games with incomplete information where the players are uncertain about some important parameters of the game situation, such as the payoff functions, the strategies available to various players, the information other players have about the game, etc. However, each player has a subjective probability distribution over the alternative possibilities.
In most of the paper it is assumed that these probability distributions entertained by the different players are mutually "consistent," in the sense that they can be regarded as conditional probability distributions derived from a certain "basic probability distribution" over the parameters unknown to the various players. But later the theory is extended also to cases where the different players' subjective probability distributions fail to satisfy this consistency assumption.”

John Harsanyi (1920–2000) hungarian economist

Source: "Games with Incomplete Information Played by “Bayesian” Players," 1967, p. 159 : Abstract

“Following von Neumann and Morgenstern [7, p. 30], we distinguish between games with complete information, to be sometimes briefly called C-games in this paper, and games with incomplete information, to be called I-games. The latter differ from the former in the fact that some or all of the players lack full information about the "rules" of the game, or equivalently about its normal form (or about its extensive form). For example, they may lack full information about other players' or even their own payoff functions, about the physical facilities and strategies available to other players or even to themselves, about the amount of information the other players have about various aspects of the game situation, etc.
In our own view it has been a major analytical deficiency of existing game theory that it has been almost completely restricted to C-games, in spite of the fact that in many real-life economic, political, military, and other social situations the participants often lack full information about some important aspects of the "game" they are playing.”

John Harsanyi (1920–2000) hungarian economist

Source: "Games with Incomplete Information Played by “Bayesian” Players," 1967, p. 163: Lead paragraph's

John Maynard Smith photo

“Game theory concepts were first explicitly applied in evolutionary biology by Lewontin (1961). His approach, however, was to picture a species as playing a game against nature, and to seek strategies which minimised the probability of extinction. A similar line has been taken by Slobodkin & Rapoport (1974). In contrast, here we picture members of a population as playing games against each other, and consider the population dynamics and equilibria which can arise.”

John Maynard Smith book Evolution and the Theory of Games

Source: Evolution and the Theory of Games (1973), p. 2.

“A thorough understanding of game theory, should dim these greedy hopes. Knowledge of game theory does not make one a better card player, businessman or military strategist.”

Anatol Rapoport (1911–2007) Russian-born American mathematical psychologist

Source: 1960s, "The Use and Misuse of Game Theory," 1962, p. 108

John Maynard Smith photo

“The theory of games was first formalised by Von Neumann & Morgenstern (1953) in reference to human economic behaviour. Since that time, the theory has undergone extensive development… Sensibly enough, a central assumption of classical game theory is that the players will behave rationally, and according to some criterion of self-interest. Such an assumption would clearly be out of place in an evolutionary context. Instead, the criterion of rationality is replaced by that of population dynamics and stability, and the criterion of self-interest by Darwinian fitness.”

John Maynard Smith book Evolution and the Theory of Games

Source: Evolution and the Theory of Games (1973), p. 1-2.

“Game theory is a theory of strategic interaction. That is to say, it is a theory of rational behavior in social situations in which each player has to choose his moves on the basis of what he thinks the other players’ countermoves are likely to be.”

John Harsanyi (1920–2000) hungarian economist

Source: "Games with Incomplete Information," 1997, p. 136

“Note the situation is different when the player is permitted to vary his stakes. In this case there exist advantageous strategies, and the game depends on the strategy.”

William Feller (1906–1970) Croatian-American mathematician

Source: An Introduction To Probability Theory And Its Applications (Third Edition), Chapter VIII, Unlimited Sequences Of Bernoulli Trials, p. 200

Richard Rumelt photo

“I consider myself a mainstream researcher in the field of business policy, and the ideas I want to describe in this paper concern the foundations of a theory of business strategy that is rooted in economics. But is such a paper, whatever its merits, really appropriate at a conference entitled 'Non-traditional Approaches to Policy Research'? Surprisingly, it is. The use of economic theory to model and explicate business strategy, as it is understood within the field of business policy, is distinctly non-traditional.”

Richard Rumelt (1942) American economist

Source: "Towards a strategic theory of the firm." 1997, p. 131; Lead paragraph

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“In 1965, I was invited to a game theory workshop at Jerusalem which lasted for three weeks and had only 17 participants, but among them all the important researchers in game theory, with few exceptions. Game theory was still a small field. We had heated discussions about Harsanyi's new theory of games with incomplete information. This was the beginning of my long cooperation with John C. Harsanyi.”

Reinhard Selten (1930–2016) German economist

"Reinhard Selten - Biographical," 1994

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