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Nash Equilibrium

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11/22/2014 4:17:09 PM
Posted: 1 year ago
At 11/19/2014 5:05:41 PM, hotnicey wrote:
Can anyone please explain Nash equilibrium, I don't really understand it.

I'm pretty sure I have this right.

The "Nash Equilibrium" is concept in game theory that results from the competition of businesses for a supply of consumers, or the market. The Equilibrium is supposed to be the point at which two companies end up finally locating in order to serve as many of their customers as possible- right next to each other. I saw this in a TED video.

The concept operates on the principle that the location of an established business is where the market for the business' product or service is, and that is where competitors try to locate because of assured demand.
You can call me Mark if you like.