Economic Theory of Teams.

£275 · Offered by Maggs Bros Ltd

‘Marschak’s work since 1950 focused on economic decision-making in the face of uncertainty and the economic value and the costs of information. Inspired by John von Neumann and Oskar Morgenstern’s development of game theory, Marschak introduced the concept of a ‘team’ into economics which he later elaborated with Roy Radner into an Economic Theory of Teams (1972). The theory of teams provided a powerful tool for the analysis of the relative informational efficiencies of decentralized price mechanisms’ (Handbook on the History of Economic Analysis. Volume I. Great Economists since Petty and Boisguilbert, p. 525).

• Year: 1972

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