The original version of this story appeared in Quanta Magazine. Imagine a town with two widget merchants. Customers prefer cheaper widgets, so the merchants must compete to set the lowest price.
Nash equilibria represent a cornerstone in game theory, defining strategy profiles wherein no player can benefit by unilaterally deviating. This concept underpins a myriad of applications, ranging ...
Imagine a town with two widget merchants. Customers prefer cheaper widgets, so the merchants must compete to set the lowest price. Unhappy with their meager profits, they meet one night in a ...
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