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Nash equilibrium
An important concept in game theory, a Nash equilibrium occurs when each player is pursuing their best possible strategy in the full knowledge of the strategies of all other players. Once a Nash equilibrium is reached, nobody has any incentive to change their strategy. It is named after John Nash, a mathematician and Nobel prize-winning economist.
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- Part of Speech: noun
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- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
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