Nash equilibrium lies at the heart of game theory, representing a condition in which every participant chooses a strategy that optimises their individual outcome given the strategies of the others.

I first learned my craft on Wall Street in the 1980s, a very different era, characterized by the bravado of Gordon Gekko’s “Greed is Good” speech. During that period, I was taught that all ...

The concept of Nash equilibrium has long served as a cornerstone in game theory, characterising a state where no player can benefit by changing their strategy unilaterally. Recent advancements have ...

What does it mean to behave rationally? This question sounds like a problem for philosophers. Yet mathematicians also have something to say about it. In the last few decades, game theory—the ...

Kohlberg, E. "Refinement of Nash Equilibrium: The Main Ideas." In Game Theory and Applications, edited by T. Ichiishi, A. Neyman, and Y. Tauman. San Diego: Academic ...

Christina Majaski writes and edits finance, credit cards, and travel content. She has 14+ years of experience with print and digital publications. Robert Kelly is managing director of XTS Energy LLC, ...