John F. Nash, Jr. is a brilliant mathematician and thinker at Princeton University where he has the opportunity to meet Von Neumann. His first observation is of the highest relevance : no economic theory before him has considered the behavior in bargaining.
His thesis dissertation in 1950 focuses on his own new model within the game theory allowing for a non-cooperative behavior between players and assuming that the conclusion is a state of equilibrium. The undisclosed behavior of a negotiator can be either friendly or hostile. A set of initial conditions can lead to various Nash equilibria and the prediction takes into account a probability factor. Extended to several players, the calculation of a Nash equilibrium reaches an extreme complexity.
Life is not a game. After these exceptional beginnings, Nash becomes schizophrenic. His work is recognized but his person is forgotten. It is to the credit of the Nobel Committee to have retrieved and rewarded the scientist. The Nobel Prize in Economic Sciences is awarded to him in 1994, shared with two mathematicians who had extended his theories.
This event is important. For the first time a Nobel Prize is awarded for contributions to the game theory. Nash, unemployed at the time of his prize, is proud that his work is highlighted and starts a new life.
Life is definitely not a game. John Nash and his wife died in 2015 in a taxi accident on an American highway back from Norway where he had just received the Abel Prize. On October 17 in New York, Sotheby's sells in one lot his Nobel medal and many associated documents, lot 1 estimated $ 2.5M.
Please watch the video shared by Sotheby's.