Exclusive Reinhard Selten Dies, the Winner of Germany's Only Nobel Prize for Economics

Reinhard Selten, the mathematician and economist who won a Nobel Prize, died on August 23 at the age of 85. Mr. Selten, together with John Nash and John Harsanyi, won the prize in 1994 for his work on game theory. He was famous for his work on bounded rationality – meaning that people make decisions based on limited amounts of information – and is considered a founder of experimental economics. Mr. Selten was born in Wroclaw which was then part of Germany and is now Poland, and suffered discrimination during the Nazi period as his mother was Jewish. He studied in Frankfurt and later taught at universities in Berlin, Berkeley and Bonn. He died in Posnan, Poland. The news was reported by the Frankfurter Allgemeine Zeitung who learned of his death from his family circle. Picture Source: DPA