Let's Think About it, Before it Gets Nashty

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Royal
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Let's Think About it, Before it Gets Nashty

Post by Royal » Thu Mar 01, 2012 6:56 am

Nash Equilibrium

American mathematician John Nash received the 1994 Nobel Prize in Economics. His prize-winning work appeared almost half a century earlier in his slender 27 page doctoral thesis written at the age of 21.

In game theory, the Nash Equilibrium concerns games involving two or more players, where no player has anything to gain by changing his strategy on his own. If each player has chosen a strategy and no player can benefit by changing his strategy while other players' strategies remain unchanged, then the current set of strategy choices is part of a Nash Equilibrium. In 1950, Nash was the first to show in his dissertation, "Non-cooperative Games," that Nash equilibria for mixed strategies must exist for all finite games with an arbitrary number of players.

Today, game theory has relevance in studying human conflict and bargaining and to the behavior of animal populations.

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Pana
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Re: Let's Think About it, Before it Gets Nashty

Post by Pana » Thu Mar 08, 2012 5:48 am

Thanks for this, Royal...I'll do some more reading on it.
“Integrity has no need of rules.”

-Albert Camus

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Royal
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Re: Let's Think About it, Before it Gets Nashty

Post by Royal » Fri Jan 06, 2017 7:27 am

Reminder to all sides.

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