First edition. 8vo. x, 345, [3] pp. Original blue cloth, spine and front cover lettered in gilt, dust jacket (ownership inscription of Kenneth Moberg to front free endpaper, neat pencilled underlining and marginal annotations to pp. 11-14, contents otherwise unmarked; shelf wear to extremities of jacket, spine panel slightly toned, notwithstanding a very good copy). New Haven and London, Yale University Press, Cowles Foundation for Research in Economics ay Yale University, Monograph 22, 1972.
‘Marschak’s work since 1950 focused on economic decision-making in the face of uncertainty and the economic value and the costs of information. Inspired by John von Neumann and Oskar Morgenstern’s development of game theory, Marschak introduced the concept of a ‘team’ into economics which he later elaborated with Roy Radner into an Economic Theory of Teams (1972). The theory of teams provided a powerful tool for the analysis of the relative informational efficiencies of decentralized price mechanisms’ (Handbook on the History of Economic Analysis. Volume I. Great Economists since Petty and Boisguilbert, p. 525).
