Oskar Morgenstern facts for kids

Oskar Morgenstern (born January 24, 1902 – died July 26, 1977) was an important economist from Germany. He worked with a mathematician named John von Neumann. Together, they created a new area of study called game theory.

Game theory helps us understand how people make smart choices when they are in situations where their decisions affect others. It's like a strategy game, but for real-life problems in business, politics, or even military plans.

Oskar Morgenstern also helped start several companies. These included Market Research Corporation of America, Mathematica, and Mathematica Policy Research.

Oskar Morgenstern's Early Life

Oskar Morgenstern was born in a city called Görlitz in Germany. His mother was believed to be a daughter of Emperor Frederick III of Germany.

He grew up in Vienna, Austria, which is where he also went to college. In 1925, he earned his PhD in political science from the University of Vienna.

His Studies and Travels

After finishing his studies, Morgenstern received a special scholarship. This allowed him to travel for three years, from 1925 to 1928. He visited different places to learn more about economics.

When he returned in 1928, he became a professor at the University of Vienna. He taught economics there until 1938.

Moving to the United States

In 1935, Morgenstern wrote an article about how people predict the future in economics. Another professor, Eduard Čech, then showed him an article by John von Neumann. This article was about game theory.

In 1938, Oskar Morgenstern was visiting Princeton University in the United States. While he was there, Adolf Hitler took control of Vienna. This event is known as the Anschluss. Because of this, Morgenstern decided to stay in the United States.

Working with John von Neumann

He became a professor at Princeton University. There, he met John von Neumann, the mathematician. They started working together on a very important book.

In 1944, they published their book, Theory of Games and Economic Behavior. This book is known as the first major work on game theory. It helped create a new way to study how people make decisions in strategic situations.

Their teamwork led to new ideas in both mathematics and economics. These ideas have been very popular and useful ever since.

Life in America

In 1944, Morgenstern became a citizen of the United States. Four years later, he married Dorothy Young. They had two children, a son named Carl and a daughter named Karin.

In 1950, he was chosen as a Fellow of the American Statistical Association. This was a special honor for his work in statistics.

Morgenstern continued to teach economics at Princeton until 1970. After he retired from Princeton, he joined the faculty at New York University. He wrote many other books and articles. One of his books was about how accurate economic observations are. Another was about predicting stock market prices.

Oskar Morgenstern passed away in Princeton, New Jersey, in 1977. His writings and documents are kept at Duke University.

Mathematica Companies

In the late 1950s, Oskar Morgenstern and some of his friends from Princeton University started a small research group.

He helped create or co-found several companies, including:

• Market Research Corporation of America (which used to be called Industrial Surveys Company)
• Mathematica Inc.
• Mathematica Policy Research (MPR)

Remembering Oskar Morgenstern

In November 2012, a square in Vienna, Austria, was named "Oskar-Morgenstern-Platz." This square is where the economics and mathematics departments of the University of Vienna are located. It was named in his honor to remember his important contributions.

See also

In Spanish: Oskar Morgenstern para niños