One of the mysteries of the English language finally explained.
(in economics and game theory) a stable state of a system involving the interaction of different participants, in which no participant can gain by a unilateral change of strategy if the strategies of the others remain unchanged.
- ‘The solution of the game is a pair (I, J) of male and female strategies which is a Nash equilibrium.’
- ‘In the language of game theory, a Nash equilibrium is reached when boundary spanners know what their counterparts will do and can make the best responses to achieve maximum joint payoffs.’
- ‘Yeah, it wasn't the peace prize, it was a Nobel prize in economics for something called game theory and the Nash equilibrium, which incidentally, he did in a paper when he was in his early 20s at Princeton.’
- ‘In modern game theory terms, we must transform the rules so that the new Nash equilibrium strategies of the players will generate an outcome that is socially preferable to the old one.’
- ‘In this case the game will have the unique Nash equilibrium (C, D).’
- ‘The locational result in which both firms are located at the centre of the market is the Nash equilibrium for this particular locational game.’
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