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Title: John Nash

Essay Details

Subject: History
Author: Paul S
Date: February 23, 2016
Level: University
Grade: A
Length: 2 / 598
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Essay text:

Nash's theory adds to the previous theory of von Newmann and Morganstern by stating that there does not always need to be a winner and a loser. In fact, it states that in a game each side will attempt to win to the best of his ability. The other player will know this and will attempt to counter the strategy of the other player...

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Eventually, an equilibrium point (also known as a Nash Equilibrium) will occur in the game, where each player neither wins nor loses. For example, pretend that there are two car dealers in a small town. Together, they have a monopoly on the car market in this town. When pricing cars, they can choose a high, medium, or low price...

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