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NASH EQUILIBRIUM: A concept from Game Theory which establishes that a set of strategies followed by economic agents within a game is in equilibrium if, holding the strategies of all other economic agents constant, no economic agent can obtain a higher payoff by choosing a different strategy. For example, when firms operate within an oligopoly, once a Nash equilibrium has been reached, none of them will want to change their strategy because by doing it they cannot obtain a higher profit.

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Today, you are likely to spend a great deal of time at an auction hoping to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for malfunctioning pocket calculators.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

-- E. M. Forster, writer

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Journal of Economic Perspectives
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