Martin Shubik is a mathematical economist at Yale and a pioneer of game theory and the "Edgeworthian revival" in general equilibrium theory.
His birthday is 24 March 1926.
Shubik was born in New York City in 1926. But, he received his early education in England. Then he moved to Canada where he graduated with a B.A. in mathematics and an M.A. in political economy from the University of Toronto in 1947. Shubik joined Princeton University in 1949, and received a Ph.D. in economics in 1953 under the supervision of Oskar Morgenstern, one of the founding fathers of game theory. The class notes Shubik took of Morgenstern’s lectures and in the correspondence with him throughout the years shows the influence of Morgenstern on him. Shubik made life-long contributions to game theory and its application to economic problems.
Major Works of Martin J. Shubik
"A Business Cycle Model with Organized Labor Considered", 1952, Econometrica.
"A Comparison of Treatments of a Duopoly Problem", 1955, Econometrica.
"Market Form: Intent of the firm and market behavior", 1957, ZfN.
"Edgeworth Market Games", 1959, in Luce and Tucker, editors, Contributions to the Theory of Games IV.
Strategy and Market Structure, 1959.
"Objective Functions and Models of Corporate Optimization", 1961, QJE.
"Approaches to the Study of Decision Making Relevant to the Firm", 1961, J of Business [cwls]
"Some Experimental Non-Zero Sum Games with Lack of Information About the Rules", 1962, Management Science [cwls]
"Incentives, Decentralized Control, the Assignment of Joint Costs and Internal Pricing", 1962, Management Science. [cwls]
"Game Theory and the Study of Social Behavior", 1964, in Shubik, editor, Game Theory and Relate Approaches.
"Quasi-Cores in a Monetary Economy with Non-Convex Preferences", with L.S.Shapley, 1966, Econometrica. [cwls]
"Concepts and Theories of Pure Competition", with L.S. Shapley, 1967, in Shubik, editor, Essays in Mathematical Economics.
"Ownership and the Production Function", with L.S. Shapley, 1967, QJE. [cwls]
"Simulation of Socio-Economic Systems", 1967, General Systems [cwls]
"Toward a Study of Bidding Processes Part IV: Games with Unknown Costs", with J.H. Griesmer and R.E. Levitan, 1967, Naval Research Logistics Quarterly [cwls]
"Game Theory: Economic Applications", 1968, IESS [cwls]
"Extended Edgeworth Bargaining games and Competitive Equilibrium", 1968, Metroeconomica.[cwls]
"A Further Comparison of Some models of Duopoly", 1968, Western EJ. [cwls]
"Welfare, Static and Dynamic Solution Concepts", 1968, Décision: Agrégation et Dynamique des Ordres de Préférence [cwls]
"Pure Competition, Coalitional Power and Fair Division", with L.S.Shapley,1969, IER. [cwls]
"On Market Games",with L.S.Shapley, 1969, JET. [cwls]
"On the Core of an Economic System with Externalities" with L.S.Shapley, 1969, AER.
"Price Strategy Oligopoly with Product Variation" with L.S.Shapley, 1969, Kyklos. [cwls]
"Voting, or a Price System in a Competitive Market Structure", 1970, APSR [cwls]
"Game Theory, Behavior and the Paradox of the Prisoner's Dilemma: Three solutions", 1970, Journal of Conflict Resolution.
"The Bridge Game Economy: An example of invisibilities", 1971, JPE. [cwls]
"Pecuniary Externalities: A game theoretic analysis", 1971, AER. [cwls]
"The Dollar Auction Game: A paradox in non-cooperative behavior and escalation", 1971, J of Conflict Resolution
"Games of Status", 1971, Behavioral Science [cwls]
"Price Variation Duopoly with Differentiated Products and Random Demand" with R. Levitan, 1971, JET [cwls]
"Noncooperative Equilibria and Strategy Spaces in an Oligopolistic Market" with R. Levitan, 1971, in Kuhn and Szego, editors, Mathematical Models of Action and Reaction [cwls]
"An Experiment with Ten Duopoly Games and Beat-the-Average Behavior", with Martin Riese, 1971 [pdf]
"On the Scope of Gaming", 1972, Management Science [cwls]
"Price Duopoly and Capacity Constraints", with R. Levitan, 1972, IER [cwls]
"The Assignment Game, I: The core" with L.S.Shapley, 1972, Int Journal of Game Theory. [pdf]
"Fiat Money and Noncooperative Equilibrium in a Closed Economy", 1972, Int Journal of Game Theory.
"Commodity Money, Credit and Bankruptcy in a General Equilibrium Model", 1972, Western EJ.
Models, Simulations and Games: a survey, with G.D. Brewer, 1972
"Fiat Money in an Economy with One Nondurable Good and No Credit (A Noncooperative Sequential Game)." with W. Whitt, 1973, in A. Blaquiere, editor, Topics in Differential Games [cwls]
"Commodity Money, Oligopoly, Credit and Bankruptcy in a General Equilibrium Model", 1973, Western EJ. [cwls]
"Information, Duopoly and Competitive Markets: A sensitivity analysis", 1973, Kyklos. [cwls]
"The Core of a Market Game with Exogenous Risk and Insurance", 1973, New Zealand Economic Papers [cwls]
"The General Equilibrium Model: Barter and Trust, or Mass Markets with Money and Credit", 1974, Econ Record [cwls]
"Money, Trust and Equilibrium Points in Games in Extensive Form", 1975, ZfN [cwls]
"Oligopoly Theory, Communication, and Information", 1975, AER
"Competitive Equilibrium, the Core, Preferences for Risk and Insurance Markets", 1975, Econ Record
"The General Equilibrium Model is Incomplete and Not Adequate for the Reconciliation of Micro and Macro-economic Theory", 1975, Kyklos
Games for Society, Business and War, 1975.
The Uses and Methods of Gaming, 1975.
"A Non-Cooperative Model of a Closed Economy with Many Traders and Two-Bankers", 1976, ZfN.
"Competitive Outcomes in the Cores of Market Games" with L.S. Shapley, 1976, IJGT
"Trade Using One Commodity as a Means of Payment" with L.S. Shapley, 1977, JPE.
"Competitive and Controlled Price Economies: the Arrow-Debreu model revisited", 1977, in Schwodiauer, editor, Equilibrium and Disequilibrium in Economics.
"An Example of a Trading Economy with Three Competitive Equilibria", 1977, with L.S. Shapley, JPE
"Competitive Equilibrium Contingent Commodities and Information", 1977, J of Finance
"The Optimal Bankruptcy Rule in a Trading Economy using Fiat Money", with C. Wilson, 1977, ZfN.
"A Theory of Money and Financial Institutions", 1978, Economie Appliquee.
"Trade and Prices in a Closed Economy with Exogenous Uncertainty, Different Levels of Information, Money and Compound Futures Markets", with P. Dubey, 1977, Econometrica
"A Closed Economic System with Production and Exchange Modelled as a Game of Strategy" with P. Dubey, 1977, JMathE
"A Closed Economy with Exogenous Uncertainty, Different Levels of Information, Money, Futures and Spot Markets" with P. Dubey, 1977, IJGT
"The Nucleolus as a Noncooperative Game Solution", with H.P. Young, 1978, in Ordeshook, editor, Game Theory and Political Science.
"Duopoly with Price and Quantity as Strategic Variables", with R. Levitan, 1977, IJGT
"A Theory of Money and Financial Institutions: The Noncooperative Equilibria of a Closed Trading Economy with Market Supply and Bidding Strategies." with P. Dubey, 1978, IJGT
"Bankruptcy and Optimality in a Closed Trading Mass Economy Modelled as a Non-Cooperative Game", with P. Dubey,1978, JMathE
The War Game, with G. Brewer, 1979.
The Aggressive Conservative Investor, 1979
"The Capital Stock Modified Competitive Equilibrium", 1980, in Kareken and Wallace, Models of Monetary Economies.
Market Structure and Behavior, with R.E. Levitan, 1980.
"Efficiency Properties of Strategic Market Games: An Axiomatic Approach" with P. Dubey and A. Mas- Colell, 1980, JET [cwls]
"Efficiency of Cournot-Nash Equilibria in Strategic Market Games" with P. Dubey and A. Mas- Colell, 1980.
"A Strategic Market Game with Price and Quantity Strategies" with P. Dubey, 1980, ZfN
The Aggressive Conservative Investor, with M.J. Whitman, 1980.
Market Structure and Behavior, with R.E. Levitan, 1980.
Game Theory in the Social Sciences: Concepts and solutions, 1981.
Game Theory Models and Methods in Political Economy", 1981, in Arrow and Intriligator, editors, Handbook of Mathematical Econ, Vol. I - intro
"Competitive Valuation of Cooperative Games", with R.J. Weber, 1981, Mathematics of Operations Research.
"Information Conditions, Communication and General Equilibrium", with P. Dubey, 1981, Mathematics of Operations Research
"Perfect or Robust Noncooperative Equilibrium: A Search for the Philosophers Stone?", 1981, in Essays in Game Theory and Mathematical Economics
"Society, Land, Love or Money", 1981, JEBO
"The Strategic Audit: A Game Theoretic Approach to Corporate Competitive Strategy", 1983, Management and Decision Economics
"Approximate Cores of Replica Games and Economies, Part I & II" with M. Wooders, 1983, Mathematical Social Sciences
"Perfect Competition in Strategic Market Games with Interlinked Preferences" with P. Dubey, 1985, Econ Letters
"A Note on Enough Money in a Strategic Market Game with Complete or Fewer Markets", 1985, Econ Letters
"The Cooperative Form, the Value, and the Allocation of Joint Costs and Benefits", 1985, in Young, editor, Cost Allocation
"A Strategic Market Game with Transactions Costs" with J. Rogawski, 1986, Math Soc Sciences
"The Many Approaches to the Study of Monopolistic Competition", 1986, European ER
"A Note on the 'Corelessness' or Antibalance of a Game" with S. Weber, 1986, IJGT
"Strategic Market Game: A Dynamic Programming Application to Money, Banking and Insurance", 1986, Math Soc Sciences
"Near-Markets and Market Games" with M. Wooders, 1986, ESQ [pdf]
"The Revelation of Information in Strategic Market Games", with P. Dubey and J. Geanakoplos, 1987, JMathE
"What Is an Application and When Is Theory a Waste of Time?", 1987, Management Science
"The Unique Minimal Cash Flow Competitive Equilibrium", 1987, Econ Letters
"Revenge and Rational Play" with B. Nalebuff, 1988
"Gaming: Theory and Practice, Past and Future", 1989, Simulation and Games
"Gold, Liquidity and Secured Loans in a Multistage Economy, Part I: Gold as Money" with S. Yao, 1989, J of Economics
"Gold, Liquidity and Secured Loans in a Multistage Economy, Part II: Many Durables, Land and Gold" with S. Yao, 1990, J of Economics
"A Strategic Market Game with Complete Markets", with S. Sahi, R. Amir and S. Yao, 1990, JET
"The Transactions Cost of Money (A Strategic Market Game Analysis)" with S. Yao, 1990, Math Soc Sciences
"The Transactions Trust Demand for Money", 1990, J of Economics
"The Capital Asset Pricing Model as a General Equilibrium with Incomplete Markets" with J. Geanakoplos, 1990, Geneva Papers on Risk & Insurance
"A Game Theoretic Approach to the Theory of Money and Financial Institutions." 1990, in Friedman and Hahn, editors, Handbook of Monetary Economics
"A Strategic Market Game of a Finite Exchange Economy with a Mutual Bank", with J. Zhao, 1991, Math Soc Sciences
"A Strategic Market Game with a Mutual Bank with Fractional Reserves and Redemption in Gold (A
Continuum of Traders)", with D. Tsomocos, 1992, J of Economics
"On Matching Book: A Problem in Banking and Corporate Finance" with M.J. Sobel, 1992, Management Science
The Theory of Money and Financial Institutions, 1993.
"Repeated Trade and the Velocity of Money", with P. Dubey and S. Sahi, 1993, JMathE
"Prominence, Symmetry, or Other?", 1994, Games & Econ Behav.
"Some Dynamics of a Strategic Market Game with a Large Number of Agents" with J.M. Miller, 1994, J of Economics
"Construction of Stationary Markov Equilibria in a Strategic Market Game" with I. Karatzas and W.D. Sudderth, 1994, Math of Operations Research
"Why Equilibrium? A Note on the Noncooperative Equilibria of Some Matrix Games", 1996, JEBO
"Trade with Assignats or Landbank Money: Equilibria in a Finite-Person Strategic Market Game", with A.K. Jayawardene, 1997, JMathE
"A Theorem on the Number of Nash Equilibria in a Bimatrix Game" with T. Quint, 1997, IJGT
"Some Simple Games for Teaching and Research. Part 1: Cooperative Games" [cwls]
"Game Theory, Complexity, and Simplicity. Part III: Critique and Prospective", 1998, Complexity [cwls]
"Terrorism, Technology and Socio-economics of Death", 1998 [pdf]
"Clubs, Near Markets and Market Games," with M.Wooders, 2000, Fields Institute Communications.
"The Theory of Money", 2000 [cwls]
"Default in a General Equilibrium Model with Incomplete Markets" with P. Dubey and J. Geanakoplos [cwls]
"Fiat Money and the Efficient Financing of the Float, Production and Consumption. Part I: The Float" [cwls]
"War Gaming in the Information Age: theory and purpose" with Paul Bracken, 2001, Naval War College Review [pdf]
"Accounting and Economic Theory", 2002 [ssrn]
"Is economics the next physical science?" with J.D. Farmer and E. Smith, 2005, Physics Today
"Everyone-a-Banker or the Ideal Credit Acceptance Game: Theory and Experimental Evidence" with J. Huber and S. Sunder,
"An Economy with Personal Currency: Theory and evidence" with M. Angerer, J. Huber and S. Sunder, 2008
"Proposal for a Federal Employment Reserve Authority", 2009 [levy]
"The Present and Future of Game Theory", 2011 [cowles]
"Simecs, Ithaca Hours, Berkshares, Bitcoins and Walmarts", 2014
The Guidance of an Enterprise Economy
By Martin Shubik, Eric Smith