Antoine Augustin Cournot was born at Gray, Haute-Saône. In 1821 he entered one of the most prestigious Grandes Écoles, the École Normale Supérieure, and, according to Sandmo:
in 1823 he took a license degree in mathematics at Sorbonne University. He then became the private secretary of a field marshal who required assistance in writing his memoirs. This position left Cournot with considerable time for his own pursuits. In the course of his ten years in the field marshal's employment he took two doctoral degrees, one in mechanics and one in astronomy. In addition, he published a number of articles and even acquired a degree in law.[1]
Subsequently, Cournot held positions as professor of mathematics, chief examiner for undergraduate students, and rector of Dijon Academy.
By the time Cournot died in 1877, he was nearly blind.
Work
Economics
Cournot was mainly a mathematician, but had some influence in economics. His theories on monopolies and duopolies are still prevalent.[2] In 1838 the book Researches on Mathematical Principles of the Theory of Wealth[3] was published, in which he used the application of the formulas and symbols of mathematics in economic analysis. This book was strongly criticized and scarcely successful during Cournot's lifetime. He attempted nonetheless to rewrite it twice. It is influential in economics today. Today many economists believe this book to be the point of departure for modern economic analysis[citation needed]. Cournot introduced the ideas of functions and probability into economic analysis[according to whom?]. He derived the first formula for the rule of supply and demand as a function of price and in fact was the first to draw supply and demand curves on a graph[according to whom?], anticipating the work of Alfred Marshall by roughly thirty years. The Cournot duopoly model developed in his book also introduced the concept of a (pure strategy) Nash equilibrium, the Reaction function and best-response dynamics.
Cournot believed that economists must utilize the tools of mathematics only to establish probable limits and to express less stable facts in more absolute terms. He further held that the practical uses of mathematics in economics do not necessarily involve strict numerical precision.[citation needed]
In the field of economics he is best known for his work in the field of oligopoly theory—Cournot competition which is named after him.[4]
Unlike Pierre-Simon de Laplace, who thought that nothing happens by chance, and Aristotle, who thought that randomness and causality had nothing to do which each other, Cournot united the concepts, defining randomness as the encounter of two independent causal series.[5] This definition allows randomness even in perfectly deterministic events, and is used to generate random numbers by the combination of unrelated signals (for instance, temperature and sound).
^Sandmo, Agnar (2011). Economics evolving. Princeton: Princeton university press. p. 146. ISBN9780691148427.
^Koutsoyiannis, A. (1979), Koutsoyiannis, A. (ed.), "Non-Collusive Oligopoly", Modern Microeconomics, London: Macmillan Education UK, pp. 215–236, doi:10.1007/978-1-349-16077-8_9, ISBN978-1-349-16077-8, retrieved 2 March 2022
^Antoine Augustin Cournot (1897). Researches into the Mathematical Principles of the Theory of Wealth. Macmillan.
For an early 20th century evaluation see: Chisholm, Hugh, ed. (1911). "Cournot, Antoine Augustin" . Encyclopædia Britannica. Vol. 7 (11th ed.). Cambridge University Press. p. 321.
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antoine, augustin, cournot, french, pronunciation, twan, oɡystɛ, kuʁno, august, 1801, march, 1877, french, philosopher, mathematician, also, contributed, development, economics, born, 1801, august, 1801gray, francedied31, march, 1877, 1877, aged, paris, france. Antoine Augustin Cournot French pronunciation ɑ twan oɡystɛ kuʁno 28 August 1801 31 March 1877 was a French philosopher and mathematician who also contributed to the development of economics Antoine Augustin CournotBorn 1801 08 28 28 August 1801Gray FranceDied31 March 1877 1877 03 31 aged 75 Paris FranceNationalityFrenchAlma materSorbonne UniversityKnown forCournot competitionOligopolyScientific careerFieldsEconomicsMathematicsInstitutionsUniversity of GrenobleInfluencesNicolas Francois CanardInfluencedGabriel TardeLeon Walras Contents 1 Biography 2 Work 2 1 Economics 2 2 Philosophy 3 See also 4 References 5 Further reading 6 External linksBiography EditAntoine Augustin Cournot was born at Gray Haute Saone In 1821 he entered one of the most prestigious Grandes Ecoles the Ecole Normale Superieure and according to Sandmo in 1823 he took a license degree in mathematics at Sorbonne University He then became the private secretary of a field marshal who required assistance in writing his memoirs This position left Cournot with considerable time for his own pursuits In the course of his ten years in the field marshal s employment he took two doctoral degrees one in mechanics and one in astronomy In addition he published a number of articles and even acquired a degree in law 1 Subsequently Cournot held positions as professor of mathematics chief examiner for undergraduate students and rector of Dijon Academy By the time Cournot died in 1877 he was nearly blind Work EditEconomics Edit Cournot was mainly a mathematician but had some influence in economics His theories on monopolies and duopolies are still prevalent 2 In 1838 the book Researches on Mathematical Principles of the Theory of Wealth 3 was published in which he used the application of the formulas and symbols of mathematics in economic analysis This book was strongly criticized and scarcely successful during Cournot s lifetime He attempted nonetheless to rewrite it twice It is influential in economics today Today many economists believe this book to be the point of departure for modern economic analysis citation needed Cournot introduced the ideas of functions and probability into economic analysis according to whom He derived the first formula for the rule of supply and demand as a function of price and in fact was the first to draw supply and demand curves on a graph according to whom anticipating the work of Alfred Marshall by roughly thirty years The Cournot duopoly model developed in his book also introduced the concept of a pure strategy Nash equilibrium the Reaction function and best response dynamics Cournot believed that economists must utilize the tools of mathematics only to establish probable limits and to express less stable facts in more absolute terms He further held that the practical uses of mathematics in economics do not necessarily involve strict numerical precision citation needed In the field of economics he is best known for his work in the field of oligopoly theory Cournot competition which is named after him 4 Philosophy Edit Cournot worked on determinism in physics and chance Unlike Pierre Simon de Laplace who thought that nothing happens by chance and Aristotle who thought that randomness and causality had nothing to do which each other Cournot united the concepts defining randomness as the encounter of two independent causal series 5 This definition allows randomness even in perfectly deterministic events and is used to generate random numbers by the combination of unrelated signals for instance temperature and sound See also EditHotelling s linear city modelReferences Edit Sandmo Agnar 2011 Economics evolving Princeton Princeton university press p 146 ISBN 9780691148427 Koutsoyiannis A 1979 Koutsoyiannis A ed Non Collusive Oligopoly Modern Microeconomics London Macmillan Education UK pp 215 236 doi 10 1007 978 1 349 16077 8 9 ISBN 978 1 349 16077 8 retrieved 2 March 2022 Antoine Augustin Cournot 1897 Researches into the Mathematical Principles of the Theory of Wealth Macmillan Varian Hal R 2006 Originally published 1987 Intermediate Microeconomics A Modern Approach Seventh ed W W Norton amp Company p 490 ISBN 0393927024 Thierry Martin Cournot A encyclo philo fr in French Retrieved 16 January 2017 Further reading EditTouffut Jean Philippe ed 2007 Augustin Cournot Modelling Economics Cheltenham Edward Elgar ISBN 978 1 84720 654 1 For an early 20th century evaluation see Chisholm Hugh ed 1911 Cournot Antoine Augustin Encyclopaedia Britannica Vol 7 11th ed Cambridge University Press p 321 External links Edit Wikiquote has quotations related to Antoine Augustin Cournot Wikisource has original works by or about Antoine Augustin Cournot Antoine Augustin Cournot in New School Profiles O Connor John J Robertson Edmund F Antoine Augustin Cournot MacTutor History of Mathematics archive University of St Andrews Retrieved from https en wikipedia org w index php title Antoine Augustin Cournot amp oldid 1127309502, wikipedia, 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