Nash Equilibrium

The Nash equilibrium is a solution concept in game theory, named after Nobel laureate John Forbes Nash. It is a state of balance in which each player in a game has chosen the best possible strategy, given the strategies of the other players. In other words, in a Nash equilibrium, no player has an incentive to change their strategy, because doing so would not improve their outcome. The Nash equilibrium is an important concept in game theory, because it provides a way to predict the outcome of a game in which the players have conflicting interests. It is often used in economics, political science, and other fields to analyze strategic interactions between individuals or groups.