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This is the equilibrium that John Nash won the nobel laureate for in economics.

2006-07-25 23:29:37 · 5 answers · asked by radtadstar 2 in Science & Mathematics Mathematics

5 answers

A kind of solution concept of a game involving two or more players, where no player has anything to gain by changing only his or her own strategy unilaterally. If each player has chosen a strategy and no player can benefit by changing his or her strategy while the other players keep theirs unchanged, then the current set of strategy choices and the corresponding payoffs constitute a Nash equilibrium.

2006-07-25 23:35:09 · answer #1 · answered by The Chaotic Darkness 7 · 5 0

"An important concept in GAME THEORY, a Nash equilibrium occurs when each player is pursuing their best possible strategy in the full knowledge of the strategies of all other players. Once a Nash equilibrium is reached, nobody has any incentive to change their strategy. It is named after John Nash, a mathematician and Nobel prize-winning economist. "

To summarize briefly, a Nash equilbrium is a set of strategies in a game such that no player can change his/her strategy and do strictly better. A strategy is a set of actions to take that covers every possible contingency.

2006-07-25 23:38:49 · answer #2 · answered by namuh_human 1 · 0 0

Nash equilibrium is defined as the best strategy chosen by a player given the strategies the other players have chosen.

2006-07-30 18:11:33 · answer #3 · answered by jaredkomahalko 2 · 0 0

The summaries written are correct. Further this concept is the basis for TV reality shows like "Survivor".

2006-07-31 15:15:04 · answer #4 · answered by DrB 7 · 0 0

Please visit :
http://en.wikipedia.org/wiki/Nash_equilibrium
You'll get your summary !

2006-07-25 23:34:01 · answer #5 · answered by Anonymous · 0 0

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