ron_jay said:Apart from all the path breaking works by Neumann and Nash on this subject, i was wondering if one could actually use this to explain the behaviour of subatomic particles or vice versa which by all means tend to attain stability...
Game theory is a branch of mathematics that studies how individuals or groups interact with one another in decision-making situations. It involves analyzing the choices and strategies of different players in order to determine the most optimal outcome.
John von Neumann and John Nash were two prominent mathematicians who made significant contributions to the development of game theory. Von Neumann helped develop the mathematical foundations of game theory, while Nash's work on non-cooperative games and the Nash equilibrium is considered groundbreaking in the field.
Game theory has many real-life applications, including economics, political science, psychology, and biology. It is used to analyze decision-making in various scenarios, such as negotiations, auctions, and conflict resolution. It also helps in understanding competitive strategies in business and predicting behavior in social situations.
The Nash equilibrium is a concept in game theory that describes a state in which each player's strategy is the best response to the strategies of all other players. In other words, no player can improve their outcome by changing their strategy, given that all other players stay the same. It is named after John Nash, who first described it in his doctoral thesis.
Since the contributions of Neumann and Nash, game theory has continued to evolve and expand into various fields, including computer science, evolutionary biology, and social sciences. New concepts and techniques, such as evolutionary game theory and mechanism design, have been developed to address more complex and dynamic situations. In addition, advancements in computing power have allowed for more sophisticated analyses and applications of game theory.