Why do competitors open their stores next to one another? - Jac de Haan
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Why are all the gas stations, cafes and restaurants in one crowded spot? As two competitive cousins vie for ice-cream-selling domination on one small beach, discover how game theory and the Nash Equilibrium inform these retail hotspots.
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John Nash, a famous mathemetician, wrote a paper that defined Nash Equilibrium. A Beautiful Mind, a film directed by Ron Howard about the life of John Nash, hit the screen in 2001. http://www.imdb.com/title/tt0268978/Competition is the term used to describe the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume. http://en.wikipedia.org/wiki/Competition_%28economics%29
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About TED-Ed Originals
TED-Ed Original lessons feature the words and ideas of educators brought to life by professional animators. Are you an educator or animator interested in creating a TED-Ed original? Nominate yourself here »
Meet The Creators
- Educator Jac de Haan
- Animator Luke Rowsell
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