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Politics : Politics for Pros- moderated
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To: Lane3 who wrote (63070)8/23/2004 12:37:50 PM
From: ManyMoose  Read Replies (1) of 793698
 
I found the bar scene in "A Beautiful Mind" to be a much-easier-to-follow explanation of economists. In that scene, Nash and his buddies observe a gorgeous blonde and several attractive but less gorgeous young ladies. Nash instantly formulated the "Nash Equilibrium," wherein people try to maximize their mutual benefit. That is, if he and his buddies all pursue the gorgeous blonde, the other attractive ladies leave in disgust or disappointment and the blonde gets scared off. But if he and his buddies divide their pursuit amongst all the attractive and gorgeous ladies, everybody "gets laid."

iscid.org
Equilibrium Theory:
The Nash Theorem maintains its focus on rivalries with mutual gain; a perceptual focus of Nash's mathematical vision found in the light of Leon Walrus' General Equilibrium Theory (published 1874) and John von Neumann's and Oskar Morgenstern's theory of games (1944), now simply called Game Theory. Nash later established his own idea of dominant strategy equilibria through maximization solutions for zero-sum games. He did this with original mathematical techniques to demonstrate the existence of methods for finding a measurable equilibrium in a general class of non-cooperative games.

On the value of Nash equilibrium:
"The concept of a Nash equilibrium n-tuple is perhaps the most important idea in noncooperative game theory. ... Whether we are analysing candidates\' election strategies, the causes of war, agenda manipulation in legislatures, or the actions of interest groups, predictions about events reduce to a search for and description of equilibria. Put simply, equilibrium strategies are the things that we predict about people." - P. Ordeshook
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