What is Nash Equilibrium?
An example of an AI chatbot conversation about Nash Equilibrium in game theory.
What is Nash Equilibrium?
Nash Equilibrium is a concept in game theory where no player can benefit by changing their strategy while others keep theirs unchanged.
Can you give me an example of Nash Equilibrium?
Sure! In the classic Prisoner's Dilemma, both players choosing to betray each other is a Nash Equilibrium.
How does it apply to real-world situations?
Nash Equilibrium can be seen in various scenarios like business competition, where companies settle on pricing strategies that no one wants to change.
Are there any limitations to Nash Equilibrium?
Yes, Nash Equilibrium assumes rational behavior and may not account for emotions or irrational decisions in real life.
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