This book presents Martin Shubik’s important contribution to the development of game theory, and shows how game theory methods can be used in the study of prices, money and ﬁnancial institutions.
After introducing the reader to his career and the influences which developed his research, Professor Martin Shubik addresses the price system considering issues such as competitive equilibrium, economic exchange and production. He explores the competitive price system and the emergence of money and ﬁnancial systems to develop a theory of monetary and ﬁnancial institutions. Speciﬁcally, he examines the role of money in the economy using both cooperative and non-cooperative solutions in game theory. Throughout the book Martin Shubik stresses that the value of games, which can be both played and analysed, provides an important link between theory and process and institutional studies.