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Transcript of John Nash
Nash established the mathematical principles of game theory which is a branch of mathematics that examines the rivalries among competitors with mixed interests. Today, we call it the Nash solution or the Nash equilibrium, which is his theory that explains the dynamics of the actions among competitors. Despite its practical limitations, the Nash solution was widely applied by business strategists around the world as a successful output into economics.
Biograhical sketch of John Nash
John Nash was born June 13, 1928, in Bluefield, West Virginia. He went to college and became a mathematician. He earned a doctorate from Princeton University at 22. He began teaching at Massachusetts Institute of Technology in 1951 but left in the late 1950s because of mental illness. Beginning in the 1950s with his influential thesis "Non-cooperative Games," Nash established the mathematical principles of game theory. Because of his successful theory, John Nash was awarded the Nobel Peace Prize in which he shared the 1994 Nobel Prize in Economics with John C. Harsanyi and Reinhard Selten.