John von Neumann (1903 - 1957)
Institute for Advanced Study

Von Neumann, a Hungarian-born American mathematician was the originator of the theory of games and an important contributor to computer technology. In 1930 he came to the U.S. and taught mathematical physics at Princeton University until 1933 when he was invited to join The Institute for Advanced Study in Princeton, a position he held until his death in 1957.

John Von Neumann was among the first to consider the structure of the mathematics involved in logical programming methods that computers use, according to Dennis Karwatka, Professor Emeritus, Department of Industrial and Engineering Technology, Morehead State University. Von Neumann did more than anyone else to establish electronic computer logic. It was his belief that computers should be built as general-purpose logic machines, explains Karwatka. In addition, von Neumann's theoretical work was important in the creation of improved computers. Many people acknowledge von Neumann as the inventor behind two computer components: memory and a control unit to convey data among various parts of the memory.

In the 1930s, economics found itself in need of developing an appropriate language in which to express and resolve its problems. Von Neumann contributed the minimax theorem of 1928. It establishes that in certain zero-sum games involving perfect information, there exists one strategy that allows both players to minimize their maximum losses. He improved and extended the minimax theorem to include games involving imperfect information and games with more than two players. This work resulted in The Theory of Games and Economic Behavior published in 1944.