Question One
Nash’s non-cooperative game theory is a contradistinction of Neumann and Morgenstern’s theory of two-person zero-sum games which they developed in their book ‘theory of games and economic behavior’. There are five main concepts derived from the first few pages of Nash’s theory based on his 1950 paper. The first among them is that the game in question should be finite in this case meaning that each participant has a finite number of strategies that they can employ. The second concept is the assumption that participants do not talk to each other and there is no form Continue reading...