John Nash
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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

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. 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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