Theory of Games and Economic Behavior - Definition and Overview

In 1944 Princeton University Press published Theory of Games and Economic Behavior, a book by the mathematician John von Neumann and economist Oskar Morgenstern. It contained a mathematical theory of economic and social organization, based on a theory of games of strategy.

This is now a classic work, upon which modern-day game theory is based. Game theory has since been widely used to analyze real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations. It is today established, both throughout the social sciences and in a wide range of other sciences.