John Nash was a mathematical genius born in Bluefield, West Virginia in 1928. He struggled with schizophrenia, which was depicted in the movie A Beautiful Mind. Nash was a curious child who read encyclopedias and conducted experiments. He studied at Carnegie Institute of Technology, where he became interested in game theory and eventually won a […]
A Nash equilibrium is a solution in game theory where no player is better off changing their action, commonly used in economics. It can be seen in the example of two companies setting prices for the same product, but real-world conditions can complicate matters. Nash equilibria can force firms to compete in other ways, but […]
