Here Prof. Dixit explains game theory and its impact on situations we encounter every day. "If Nash got a dollar for every time someone wrote or said 'Nash equilibrium,'" Dixit has said ...

The economics committee first encountered John Nash's name in the mid-1980s. At that point game theory, the area where Nash did his Nobel-winning work, was as hot as any in the field of economics.

Fact checked by Vikki Velasquez Reviewed by Michael J Boyle Game theory is the study of how and why players make decisions ...

Nash Equilibrium is a fundamental concept in game theory that describes a situation where no player can benefit by changing their strategy while the other players keep theirs unchanged.