The Undergraduate Mathematics Seminar series features Jingmin Gao discussing “Prisoner’s Dilemma and the Nash Equilibrium” on Thursday, April 11, from 5:15 to 6:10 p.m. in Morton 322.
Gao is an undergraduate student in Mathematics at Ohio University.
Abstract: In the prisoner’s dilemma, two criminals are captured by the police and interrogated separately. Each has to decide whether to keep silent or squeal. Game theory tells us that each will try to minimize their own jail time by squealing. This is an example of a non-cooperative game where the Nash equilibrium ends up worse for both participants. In the Cournot duopoly model, two companies have to decide how much of a product to produce. When each maximizes their own profit, the amount they produce is given by a Nash equilibrium and the customers will pay less than the monopoly price. These two representative examples help explain common choices and behaviors in our life.
Talks in this seminar series are designed to be accessible to undergraduate mathematics majors, but all are welcome to attend. See more about this seminar series.
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