The Economist explains economics: What is the Nash Equilibrium and why does it matter?

What is the Nash Equilibrium and why does it matter? #ethereum #bitcoin

  • 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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The Economist explains economics: What is the Nash Equilibrium and why does it matter?