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What is game theory? WHat is Nash Equilibrium?

What is game theory? WHat is Nash Equilibrium?

Game theory is a branch of mathematics that studies strategic decision making.

It is used to analyze interactions between different decision makers with the aim of understanding their choices and predicting their behavior.

Nash Equilibrium is a concept in game theory wherein all players in a game reach an optimal state wherein no one has an incentive to deviate from their strategy.

An example of a game with a Nash Equilibrium is the Prisoner's Dilemma, where two prisoners can either confess or remain silent, and the outcome is based on the decisions of both prisoners.

In the classic game of Rock-Paper-Scissors, players can either choose Rock, Paper, or Scissors, and the outcome is determined by the combination of the two players' choices. This game also has a Nash Equilibrium.

The Stag Hunt is another game with a Nash Equilibrium, where two hunters can either hunt a stag or a rabbit. The outcome of the game depends on their decisions, and the Nash Equilibrium is when both hunters choose to hunt the stag.

The game of Chicken is a game with a Nash Equilibrium where two drivers can either drive straight or swerve. The Nash Equilibrium is both drivers swerve.

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