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Define the Concept of Nash Equilibrium

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Define the concept of Nash equilibrium. Why is it important?


Definitions:

Superstitious Behavior

Actions based on irrational beliefs that certain rituals, symbols, or practices can influence the outcome of events without a logical basis.

High-Stress Situation

Circumstances that significantly increase the emotional or physical stress levels of an individual or group.

Kelly's Covariation Theory

A psychological theory that explains how people attribute causation based on the consistency, distinctiveness, and consensus of an observed behavior.

Causal Attributions

The process by which individuals infer the causes of their own and others' behaviors, actions, and events.

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