History of Game Theory

In this post, I will be writing about the history of game theory. When asked about a significant figure in establishing the concept of game theory, I would say the name John con Neumann without a doubt. John von Neumann, an Hungarian African mathematician, established zero sum game, a type of “games” in game theory, when he published the proof of his minimax theorem in his book ‘Theory of Games and Economic Behavior’. Neumann claimed that financial analysis is possible by using algorithms. His publishings regarding game theory gained public interest immediately and the field of game theory has been studied ever since then.
After its establishment in late 1940s, game theory has been mainly used in strategy making. One major event where the usage of game theory was at its peak is during the Cold War. Both the United States didn’t want to start an actual war involving military forces, so making strategies were very important to both sides. In attempt to maximize the benefits, numerous studies regarding game theory were conducted. Like the example about the Cold War, game theory is still actively used in international negotiations. Each government hired professionals in order to gain maximum profit.


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