Oskar Morgenstern: 2 ideas worth knowing

2 ideas from Oskar Morgenstern, each explained in a minute and credited to the original work. Free on Savvy.

A mathematician and an economist built an entire theory of rational decision-making
In their 1944 book, John von Neumann and Oskar Morgenstern formalized game theory, showing how rational actors should behave when the best choice depends on what everyone else choo…
— John von Neumann and Oskar Morgenstern, Theory of Games and Economic Behavior
Not every win requires someone else's equal loss
In a true zero-sum game, like splitting a fixed pot of money, one side's gain is exactly the other side's loss. But most real negotiations — trade deals, pay raises tied to growth,…
— John von Neumann and Oskar Morgenstern, Theory of Games and Economic Behavior

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