One of my favorite things about Bob Wilson, co-winner of today's prize, is how gentle a giant he is, how modest yet understatedly charismatic and funny. This rare recording gives a sense.
1/5
found this thanks to @mariannollar
1/5
found this thanks to @mariannollar
"I'm here to today to argue that sequential equilibrium [his own invention with Kreps] -- which you said ... in 1982 completed the answer to the questions that Luce and Raiffa raised in 1957 -- well, MY stance was that that was a mild disaster!
2/5
2/5
"Sequential equilibrium turned out to have enormous flaws. And the revelation of those flaws has, I think, been actually opening up what the real challenge is for game theory in terms of establishing what its foundations are.
3/5
3/5
Now I realize there are all these applications, this rich domain of applications. But it's been UNSETTLING to me that game theory went off down track of technical devices, more and more elaborate technical devices, without establishing foundations.
4/5
4/5
And the foundations have remained opaque. They're clear up to a certain point—I would take the point of view up until the point of sequential equilibrium. And then I want to suggest that there's a lot more to do."
5/5
5/5
Here @O_Goss_ reviews some of that work. Bob won primarily for his foundational work on auctions and mechanism design, as well as their applications.
But his separate work just on foundations of game theory would be a stellar career all by itself.
But his separate work just on foundations of game theory would be a stellar career all by itself.
https://twitter.com/O_Goss_/status/1315602923368349696
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