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Fixing the point: the contribution of early game theory to the tool-box of modern economics

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  • Nicola Giocoli

Abstract

The paper aims at reconstructing the sequence of works through which the fixed-point technique entered the tool-box of modern economics and at establishing a link between this sequence and the neoclassical approach to economic modeling. The focus is on the change in the demonstration techniques caused by the spread of the so-called formalist approach to mathematical economics; this change was embodied by the fixed-point technique. The main conclusions of the paper are that the formalist revolution marked a dramatic discontinuity in the history of economic theory and that early game theory - despite having been the gateway through which the fixed-point entered economics - was only partly responsible for such a discontinuity.

Suggested Citation

  • Nicola Giocoli, 2001. "Fixing the point: the contribution of early game theory to the tool-box of modern economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(1), pages 1-39.
    • Handle: RePEc:taf:jecmet:v:10:y:2001:i:1:p:1-39
    DOI: 10.1080/1350178032000042040
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    Citations

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    Cited by:

    1. Sandye Gloria-Palermo, 2010. "Introducing Formalism in Economics : von Neumann's growth model reconsidered," Post-Print halshs-00726348, HAL.
    2. John B. Davis, 2003. "The Conception of the Individual in Non-Cooperative Game Theory," Tinbergen Institute Discussion Papers 03-095/2, Tinbergen Institute.
    3. K. Vela Velupillai, 2016. "Seven Kinds of Computable and Constructive Infelicities in Economics," New Mathematics and Natural Computation (NMNC), World Scientific Publishing Co. Pte. Ltd., vol. 12(03), pages 219-239, November.
    4. K.Vela Velupillai, 2014. "Max Euwe's Set-Theoretic Observations on the Game of Chess -Introductory Notes," ASSRU Discussion Papers 1410, ASSRU - Algorithmic Social Science Research Unit.
    5. Alessandro Innocenti, 2004. "Paradoxes versus formalism in economics. Evidence from the early years of game theory and experimental economics," Department of Economics University of Siena 433, Department of Economics, University of Siena.
    6. K. Vela Velupillai, 2016. "Max Euwe's Set-Theoretic Observations on the Game of Chess — Introductory Notes," New Mathematics and Natural Computation (NMNC), World Scientific Publishing Co. Pte. Ltd., vol. 12(01), pages 21-28, March.
    7. K. Vela Velupillai, 2010. "The Algorithmic Revolution in the Social Sciences: Mathematical Economics, Game Theory and Statistical Inference," ASSRU Discussion Papers 1005, ASSRU - Algorithmic Social Science Research Unit.
    8. Giocoli, Nicola, 2008. "Three alternative (?) stories on the late 20th-century rise of game theory," MPRA Paper 33808, University Library of Munich, Germany.
    9. Giocoli, Nicola, 2005. "Mathematics as the role model for neoclassical economics (Blanqui Lecture)," MPRA Paper 33806, University Library of Munich, Germany.
    10. K. Vela Velupillai, 2013. "Towards an Intuitionistic Constructive Mathematical Economics," ASSRU Discussion Papers 1304, ASSRU - Algorithmic Social Science Research Unit.
    11. K. Vela Velupillai, 2012. "Bourbaki's Destructive Influence on the Mathematization of Economics," ASSRU Discussion Papers 1201, ASSRU - Algorithmic Social Science Research Unit.
    12. Sandye Gloria-Palermo, 2013. "Equilibrium versus Process: A Confrontation between Mainstream and Austrian Ontology," GREDEG Working Papers 2013-39, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    13. Sandye Gloria-Palermo, 2010. "Introducing Formalism in Economics: The Growth Model of John von Neumann," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(2), pages 153-172, June.
    14. Sandye Gloria-Palermo, 2013. "In Search of the Right Tool: From Formalism to Constructivist Modelling," GREDEG Working Papers 2013-33, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

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