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In the last two decades, the theory of games has increasingly dominated microeconomic theory. Frank Fisher recently asserted that game theory has become "the premier fashionable tool of microtheorists":
That ascendancy appears fairly complete. Bright young theorists today tend to think of every problem in game-theoretic terms .... Every department feels it needs at least one game theorist or at least one theorist who thinks in game-theoretic terms.... The field appears to be in an exciting stage of ferment.
Seminars, economic journals, and Ph.D. dissertations are awash with game-theoretic models of economic phenomena. The marginalist revolution of Samuelson is quickly being supplanted by the strategic models of a new breed of game theorists.
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