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The “Nash Equilibrium” Global Risk Assessment Model for the Mining Industry

A traffic accident on Saturday ended the life of John Nash, the mathematician and 1994 Nobel Laureate in Economics who for many will be remembered for having inspired the movie “A Brilliant Mind”.

Nash will go down in history for his fundamental contribution to Game Theory, specifically for being the creator of the “Nash Equilibrium” or “Mean Equilibrium”.

This is a “Solution Concept” in which all players execute their actions knowing the “strategy that maximizes their gains” given the strategies of the other players so that they lack incentives to execute an individual change of strategy.

Nash thus revolutionized “decision making in Economics” and especially in Game Theory: The area of mathematics that from the “use of models studies decision making” and interactions in what is known as formalized incentive structures, the games.