Applying game theory

IB Economics: Applying game theory

The American economist John Nash is a central figure in the application of Game Theory in Economics. In 1994 he won the Nobel Prize in Economics for his PhD thesis which set out the definition and properties of the central concept of non-cooperative games – Nash equilibrium.The prisoner’s dilemma is one of the best-known examples of a Nash equilibrium where two people are accused of committing a serious crime. This...

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