Oskar Morgenstern
| Oskar Morgenstern | |
|---|---|
| Born |
January 24, 1902 Görlitz, German Empire |
| Died | July 26, 1977 (aged 75) Princeton, New Jersey, U.S. |
| Nationality | Austrian and American |
| Institution |
Princeton University |
| Alma mater | University of Vienna |
| Doctoral advisor |
Ludwig von Mises |
| Doctoral students |
Martin Shubik Lionel W. McKenzie |
| Influences | Othmar Spann |
| Contributions | Game theory, Mathematical economics |
Princeton University
New York University
Oskar Morgenstern (January 24, 1902 – July 26, 1977) was a German-born economist. In collaboration with mathematician John von Neumann, he founded the mathematical field of game theory and its application to economics (see von Neumann–Morgenstern utility theorem).
Morgenstern was born in Görlitz, Germany. His mother was said to be an illegitimate daughter of Emperor Frederick III of Germany.
Morgenstern grew up in Vienna, Austria, where he also went to university. In 1925 he graduated from the University of Vienna and got his PhD in political science. From 1925 until 1928 he went on a three-year fellowship financed by the Rockefeller Foundation. After his return in 1928 he became a professor in economics at the University of Vienna until his visit to Princeton University in 1938. In 1935 Morgenstern published the article Perfect Foresight and Economic Equilibrium, after which his colleague, Eduard Čech, pointed him to an article of John von Neumann, Zur Theorie der Gesellschaftsspiele(1928).
During Morgenstern's visit to Princeton University, Adolf Hitler took over Vienna through the Anschluss Österreichs and Morgenstern decided to remain in the United States. He became a member of the faculty at Princeton but gravitated toward the Institute for Advanced Study. There, he met the von Neumann and they collaborated to write Theory of Games and Economic Behavior, published in 1944, which is recognized as the first book on game theory. Game Theory is a mathematical framework for the study of strategic structures which govern rational decision-making in certain economic, political and military situations. In 2013 the University of Vienna relocated the Faculty of Business, Economics and Statistics and named the square Oskar-Morgenstern-Platz in his honor.
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