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The nash equilibrium is the central equilibrium theory in noncooperative game theory. A Nash equilibrium is an outcome where no individual would be better served by changing his or her strategy, considering the strategy choices of all other players thinking the same way. It is the outcome of all individuals in a scenario, their decisions interact and they all seek to maximize their own welfare or utility knowing that others do so as well. John Nash, a mathematician, defined and proved this result in his 1950 dissertation. The Nash equilibrium concept is typically applied to situations in which two or more individuals are making decisions, one or more of their outcomes are influenced by the decisions of others, and they incorporate the decision making of ...

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