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John Nash - Nash equilibrium

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Nash equilibrium

Nash equilibrium, named after Nobel winning economist, John Nash, is a solution to a game involving two or more players who want the best outcome for themselves and must take the actions of others into account.

John NashWhen Nash equilibrium is reached, players cannot improve their payoff by independently changing their strategy. This means that it is the best strategy assuming the other has chosen a strategy and will not change it. For example, in the Prisoner's Dilemma game, confessing is a Nash equilibrium because it is the best outcome, taking into account the likely actions of others.

See also:

Prisoner's Dilemma

Game theory

 


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