This book presents Martin Shubik’s important contribution to the development of game theory, and shows how game theory methods can be used in the study of prices, money and financial institutions.
After introducing the reader to his career and the influences which developed his research, Professor Martin Shubik addresses the price system considering issues such as competitive equilibrium, economic exchange and production. He explores the competitive price system and the emergence of money and financial systems to develop a theory of monetary and financial institutions. Specifically, he examines the role of money in the economy using both cooperative and non-cooperative solutions in game theory. Throughout the book Martin Shubik stresses that the value of games, which can be both played and analysed, provides an important link between theory and process and institutional studies.
This book will be welcomed by economists, especially those interested in game theory, as well as by money and banking professionals.