Explore how backward induction helps solve game theory problems by working from the end backward to determine optimal actions ...

Game theory is now part of almost every economist's tool-kit, as this week's Nobel economics prize recognises IT SOUNDS like a sports fan's dream. In Stockholm on October 11th, three men shared a $1m ...

The duo described ‘games’ in its simplest form – when one man’s gain is another man’s loss. Nash, however, questioned the proposition and asked what would be the best response in case one player had ...

I first learned my craft on Wall Street in the 1980s, a very different era, characterized by the bravado of Gordon Gekko’s “Greed is Good” speech. During that period, I was taught that all ...

John F. Nash Jr. is widely known as the subject of the Oscar-winning film “A Beautiful Mind,” but his contributions to the advancement of human knowledge are far greater. Nash paved the way for game ...