Game theory 101 The Nash Equilibrium and The Prisoners Dilemma

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In this video we explore the concept of the Nash equilibrium within Game Theory. We define the Nash equilibrium then examine the outcome of a prisoner's dilemma game. The Nash equilibrium is a concept in game theory that represents a situation in which each player in a game chooses the best strategy given the strategies chosen by the other players. In other words, at a Nash equilibrium, no player has an incentive to unilaterally deviate from their current strategy because they would not achieve a better outcome by doing so. This concept captures a stable state in which each player's choice is optimal, assuming that the other players' choices remain unchanged. It's named after mathematician John Nash, who made significant contributions to the field of game theory. • Game Theory is incredibly useful and a lot of fun to learn (and to teach)! I'm dropping videos for my Game Theory course this fall on YouTube. These videos are part of the class I’m teaching at Susquehanna University - and this is an undergraduate level game theory course. • Chapters: • 0:00 Introduction • 1:36 Who was John Nash? • 2:23 The Prisoner's Dilemma Game • #gametheory #gametheory101 #nashequilibrium #prisonersdilemma #teachecon #economics • • Subscribe to my channel or go to the Game Theory 101 playlist here for more videos in the series: • Game Theory 101: Probabilities and Ga... • Description of game theory from Chat GPT: • Welcome to our exciting journey into the fascinating world of game theory! Game theory is a powerful and thought-provoking branch of mathematics and economics that examines strategic decision-making in interactive situations. In this series, we will explore how individuals, businesses, and even nations make choices and act in various scenarios where the outcome of their decisions depends not only on their own choices but also on the choices of others. • • Game theory delves into the complexities of human behavior, offering valuable insights into conflict resolution, negotiations, and cooperation. It provides a framework to analyze situations where players have conflicting interests and must carefully weigh the potential outcomes of their actions. From classic examples like the Prisoner's Dilemma to more advanced concepts like Nash equilibria and extensive-form games, we will break down these intriguing concepts and explore how they apply to real-life situations. Whether you're a curious learner or an aspiring strategist, this series will equip you with the tools to better understand the dynamics of decision-making and the strategies that drive the world around us. So buckle up and get ready to explore the captivating world of game theory!

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