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What is Nash Equilibrium?
It is a concept in game theory in which every participant in a noncooperative game can optimize their outcome based on the other players’ decisions.
Nash equilibrium is achieved in a game when no player has any incentive for deviating from their own strategy, even if they know the other players’ strategies.
In economic theory, it is used to illustrate that decision-making is a system of strategic interactions based on the actions of other players. It can be used to model economic behavior to predict the best response to any given situation.
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How to Find Nash Equilibrium
To find it, share each player’s strategy with every other player. If the players do not change their strategies, you have found the Nash equilibrium.
For eg, in the battle of the sexes scenario, draw a table with two rows and two columns.
The vertica...
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Example: Battle of the sexes
A man and a woman are hoping to attend an event together, but they must choose between a prizefight or a ballet.
They cannot communicate where they will go beforehand, and the man in this story would prefer to go to the prizefight while the woman in this scenario would like...
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Generalist. Great minds discuss ideas, average minds discuss events, small minds discuss people.
Interesting concept.
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- In 1994 Nash, Selten and Harsanyi became Economics Nobel Laureates for their contributions to economic game theory.
- Non-cooperative games are those where participants make non-binding agreements. They base their decisions on how they think the other participants will behav...
Modern Economics Is Entrepreneur-less
Over 50 years ago, economist William Baumol noted that economics was a theory of the economy that left no place for entrepreneurship. Economic models, simply put, were “entrepreneur-less.” Economics is no better today; in fact, it’s arguably worse. It focuses on faceless economic...
What is strategic messaging?
The Goal of Marketing = Controlling Perception + Changing Behavior
Strategic messaging is a value-based communication framework that companies employ in all interactions with stakeholders — employees, prospects, customers, partners, and investors.
St...
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