Define the Concept of Nash Equilibrium

question 4

Essay

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

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Definitions:

Political Science

The study of government, political processes, institutions, and political behavior.

Liberal

A political and social philosophy that promotes individual freedoms, democracy, and a mixed economy with both government and private sector influences.

Moderate

Describes an intermediate level of intensity, amount, or degree; neither too much nor too little.

Conservative

A political and social philosophy that promotes retaining traditional social institutions.