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.

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 ...

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 ...

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 ...

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, ...

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 ...