Nash equilibrium – A strategy of games theory
The paper presents an overview of the concept of Nash Equilibrium and its importance in application of games theory. Beginning with the history of Nash Equilibrium, its relevance in understanding and analyzing the outcome of strategic interactions in decision-making is elucidated with examples. Prisoners’ Dilemma, Coordination game, network traffic, competition game, matching pennies, stag hunt - are some of few strategic concepts/games that exemplify the Nash Equilibrium and help in decision-making.