The U.K.’s decision to leave the EU and the voting in of the protectionist Donald Trump to the US presidency has drawn both the UK and the USA into the Nash Trap. U.S. mathematician John Nash (the movie ‘A Beautiful Mind’) postulated that Adam Smith’s declaration that ‘In competition, individual ambition serves the common good’…
John and David Sturrock 1. Introduction Several years ago, while travelling back with my son David to Oxford where he was studying as an undergraduate, we discussed my work as a mediator and his study of economics, particularly the learning for us both from Game Theory. I (John) had been familiar with The Prisoners’ Dilemma…
John Nash died this week, in a tragic car accident. John Nash was the Nobel-prize winning mathematician whose theory of non-cooperative games published in 1950 has been described as one of the top ten ideas in economics in the 20th century. His theory introduced and explored the concept of what is known as Nash equilibrium….
