Nash Equilibrium

Definitions

Economics

  • noun
    (written as Nash equilibrium)
    in game theory, a situation in which two parties are following different strategies (one maximin and the other minimax), the result being that neither party can improve his or her position because of the strategy adopted by the other party

Health Economics

  • A concept used in game theory and, in particular, non-zero-sum games. A Nash equilibrium is a set of strategies such that no player can benefit by changing their strategy while the other players keep theirs unchanged. Named after John Nash, economics Nobel Laureate, mathematician and game theorist (he of the 'beautiful mind').
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