Oskar Morgenstern (January 24, 1902 – July 26, 1977) was a German-born economist. In collaboration with mathematician John von Neumann, he founded the mathematical field of game theory and its application to economics (see von Neumann–Morgenstern utility theorem).
Morgenstern was born in Görlitz, Germany. His mother was said to be an illegitimate daughter of Emperor Frederick III of Germany.
Morgenstern grew up in Vienna, Austria, where he also went to university. in 1925 he graduated from the University of Vienna and got his PhD in political science. From 1925 until 1928 he went on a three year fellowship financed by the Rockefeller Foundation. After his return in 1928 he became a professor in economics at the University of Vienna until his visit to the Princeton University in 1938. In 1935 Morgenstern published the article Perfect Foresight and Economic Equilibrium, after which a college of him, Eduard Čech pointed him to an article of John von Neumann, Zur Theorie der Gesellschaftsspiele(1928). During Morgenstern his visit at Princeton University Adolf Hitler took over Vienna through the Anschluss Österreichs and since Morgenstern was in the United States he decided to stay there. He became a member of the faculty at Princeton University, but gravitated toward the Institute for Advanced Study. In 1944, he met the mathematician John von Neumann and they collaborated to write Theory of Games and Economic Behavior, which is recognized as the first book on game theory. Game Theory is a mathematical theory about economical, strategical and negotiation situations, which can occur during businesses, and war as well as during board games such as chess. As Morgenstern was not a mathematician, he could not really contribute in the development of Game Theory, however his main contribution was the economical analysis of the book. In this same year (1944) Morgenstern became a United State citizen, and four years later he married his Dorothy Young. Until his retirement in 1970, Morgenstern remained at Princeton university as a professor in economics. During this year´s Morgenstern wrote more articles and books, such as "On the Accuracy of Economic Observations". However these would not have the same impact as his work with John von Neumann had. Oskar Morgenstern died in Princeton, New Jersey in 1977.