Martin Shubik
Encyclopedia
Martin Shubik is an American economist, who is Professor Emeritus of Mathematical Institutional Economics at Yale University
. He was educated at the University of Toronto
and Princeton University
. On the Yale faculty since 1963, Shubik specializes in strategic analysis, the study of financial institutions, the economics of corporate competition, and game theory
. He has written many books and essays, including Political Economy, Oligopoly and Experimental Games, 1999, and The Theory of Money and Financial Institutions, 2004.
In 2010, Shubik was recognized by the American Economic Association
as a Distinguished Fellow for "major contributions to a variety of fields in economics." The associated AEA citation discusses papers (co)authored by Shubik on computational and game-theoretical
representations
of for example:
Shubik is the middle of three children. His siblings are Philippe Shubik
, the cancer researcher and founder of the Toxicology Forum, and Irene Shubik
, a former BBC producer.
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
. He was educated at the University of Toronto
University of Toronto
The University of Toronto is a public research university in Toronto, Ontario, Canada, situated on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada...
and Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
. On the Yale faculty since 1963, Shubik specializes in strategic analysis, the study of financial institutions, the economics of corporate competition, and game theory
Game theory
Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others...
. He has written many books and essays, including Political Economy, Oligopoly and Experimental Games, 1999, and The Theory of Money and Financial Institutions, 2004.
In 2010, Shubik was recognized by the American Economic Association
American Economic Association
The American Economic Association, or AEA, is a learned society in the field of economics, headquartered in Nashville, Tennessee. It publishes one of the most prestigious academic journals in economics: the American Economic Review...
as a Distinguished Fellow for "major contributions to a variety of fields in economics." The associated AEA citation discusses papers (co)authored by Shubik on computational and game-theoretical
Game theory
Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others...
representations
Representation (mathematics)
In mathematics, representation is a very general relationship that expresses similarities between objects. Roughly speaking, a collection Y of mathematical objects may be said to represent another collection X of objects, provided that the properties and relationships existing among the...
of for example:
- a two-sided market in which a product that comes in large, indivisible units (houses, cars, etc.) ... is exchanged for money
- the phenomenon of escalation among competitors [such that] actual behavior may deviate from the purely rational mode of play embodied in Nash equilibriaNash equilibriumIn game theory, Nash equilibrium is a solution concept of a game involving two or more players, in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only his own strategy unilaterally...
- money play[ing] a crucial strategic role [as a] central paradigm in monetary analysis [with the generality of the Walrasian model]
- the shift in warfare brought about by the increasing permeability of national borders.
Shubik is the middle of three children. His siblings are Philippe Shubik
Philippe Shubik
Philippe Shubik was a British born American cancer researcher who founded the organization the Toxicology Forum, which facilitates international discussions on the topic of cancer...
, the cancer researcher and founder of the Toxicology Forum, and Irene Shubik
Irene Shubik
Irene Shubik is a British television producer, notable for her contribution to the development of the single play in British television drama. Beginning her television career at ABC Television, she worked on Armchair Theatre as a story editor where she devised the science fiction anthology series...
, a former BBC producer.
Selected publications
Chronological order below except for Shapley coauthorship (1954-77) and thematic continuity (1959, 1980). Press + for small-font links.- 1953. "A Comparison of Treatments of a Duopoly Situation," wirh J. P. Mayberry and J. F. Nash, Econometrica, 21(1), pp. 141-154.
- 1954. "A Method for Evaluating the Distribution of Power in a Committee System," with Lloyd S. Shapley, American Political Science Review, 48(3), pp. 787-792. Reprinted in A. Roth, ed., 1988. The Shapley Value: Essays in Honor of Lloyd S. Shapley. Cambridge, ch. 3, 41-48.
- 1969. "On Market Games," with Lloyd S. Shapley, Journal of Economic Theory, 1(1), pp. 9-25.
- 1969. "On the Core of an Economic System with Externalities," with Lloyd S. Shapley, American Economic Review, 59(4, Part 1), pp. 678-684.
- 1971. "The Assignment Game I: The Core," with Lloyd S. Shapley, International Journal of Game Theory, 1(1), pp. 111-130.
- 1977. "Trade Using One Commodity as a Means of Payment," with Lloyd S. Shapley, Journal of Political Economy, 85(5), pp. 937-968
- 1959. Strategy and Market Structure: Competition, Oligopoly, and the Theory of Games, Wiley. Description and review extract.
- 1980. Market Structure and Behavior, with Richard Levitan, Harvard University Press. Review extract.
- 1960. "Game Theory as an Approach to the Firm," American Economic Review, 50(2), pp. 556-559.
- 1962. "Incentives, Decentralized Control, the Assignment of Joint Costs and Internal Pricing," Management Science, 8(3), pp. 325-343
- 1970. "A Curmudgeon's Guide to Microeconomics," Journal of Economic Literature, 8(2 ), pp. 405-434.
- 1978. "Game Theory: Economic Applications," in W. Kruskal and J.M. Tanur, ed., International Encyclopedia of Statistics, v. 2, pp. 372-78.
- 1981. "Game Theory Models and Methods in Political Economy," in K. J. Arrow and M. D. Intriligator, Handbook of Mathematical Economics, v. 1, pp. http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B7P5Y-4FDF0FN-C&_user=10&_coverDate=01/01/1981&_rdoc=11&_fmt=high&_orig=browse&_origin=browse&_zone=rslt_list_item&_srch=doc-info(%23toc%2324615%231981%23999989999%23565707%23FLP%23display%23Volume)&_cdi=24615&_sort=d&_docanchor=&_ct=14&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=cb34198ec88c9ab8fa59af6d5634e9cf&searchtype=a285]-330. Elsevier.
- Game Theory in the Social Sciences, v. 1 & 2, MIT Press:
- 1985. Concepts and Solutions. Description.
- 1987. A Game-Theoretic Approach to Political Economy. MIT Press. Description and review extract.
- 1987. "A Critique of Rational Expectations Equilibrium," with Pradeep DubeyPradeep DubeyPradeep Dubey, born January 9, 1951 in Patna, Bihar, India, is an American game theorist. He is Professor of Economics at State University of New York, Stony Brook and a member of at Stony Brook. He also holds a visiting position at Cowles Foundation, Yale University. He did his schooling from...
and John GeanakoplosJohn GeanakoplosJohn Geanakoplos is the James Tobin Professor of Economics at Yale University. Before the Late-2000s financial crisis, he was known primarily for his contributions to General equilibrium theory, particularly Incomplete markets general equilibrium theory...
, Journal of Mathematical Economics, 16(2), pp. 105-137. - 1990. "A Game Theoretic Approach to the Theory of Money and Financial Institutions," ch. 5, in B. M. Friedman and & F. H. Hahn, ed. Handbook of Monetary Economics, Elsevier, v. 1, pp. 171-219.
- 1993. "Worldwide Nuclear Coalition Games: A Valuation of Strategic Offensive and Defensive Forces," Operations Research, with Jerome Bracken, 41(4), pp. 655-668.
- 1987. "A Critique of Rational Expectations Equilibrium," with Pradeep Dubey