- ECONOMISTS can usually explain the past and sometimes predict the future-but not without help.
- In a Nash equilibrium, every person in a group makes the best decision for herself, based on what she thinks the others will do.
- Applied to the real world, economists use the Nash equilibrium to predict how companies will respond to their competitors’ prices.
- The week “The Economist explains” is given over to economics.
- Over the past several weeks The Economist has run two-page briefs on six seminal economics ideas .
Decisions that are good for individuals can sometimes be terrible for groups
@bitcoinagile: What is the Nash Equilibrium and why does it matter? #ethereum #bitcoin
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