Is there an enclave in heaven reserved for economists? Along with the errant economist Thomas Schelling (1921-2016) and the non-mathematical economist Ronald Coase (1910-2013), the self-described “micro-microeconomist” Martin Shubik (pictured below) was one of our intellectual heroes. (One of our recent papers explores a game called “So Long Suckers” that Professor Shubik helped to develop.) So we are saddened to report Professor Shubik died at the age of 92 on August 22 of this year. Here is an excerpt from his obituary, via Sam Roberts of the N.Y. Times:
With Lloyd S. Shapley, a Nobel-winning economist, Professor Shubik developed an index to measure the power wielded by coalitions within groups ranging from shareholders to legislatures.
At Princeton, they, John Nash and another mathematician were among the creators of an economic strategy game, “So Long Sucker,” in which four players can make, and renege on, agreements with one another.
Professor Shubik also invented the mathematical model for “Dollar Auction,” a game that illustrates “escalation of commitment” because while the winner collects the bill, the second-highest bidder loses whatever he bid.”