Question
John Forbes Nash was a brilliant mathematician/economist who is credited with developing game theory as we now practice it. The Nash Equilibrium is named after
John Forbes Nash was a brilliant mathematician/economist who is credited with developing game theory as we now practice it. The Nash Equilibrium is named after him, and what won him his Nobelprize (and got him amovie in which he's played by RusselCrowe) As a final thought to question 6 of Case #1, I'd like to challenge you to research the Nash Equilibrium and tell me how it applies to this specific situation. Think about the problem in this way: You've got two hospital systems who operate in the city and both are approached to sign a deal that will give them exclusivity in exchange for some lower prices. There are four outcomes possible. Either no one signs or Mercy signs or St. S signs or they both sign (there are two payersafter all). Prof. Nash gave us a graphic way to think about this problem and predict what reallywillhappen. Tell me what a Nash Equilibrium is and explain how it predicts what's about to happen here in Question 6 (i.e. limit yourself only to the scenario where costs are fixed). The more specific, the better.
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