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Nash Equilibrium

Nash equilibrium is a concept applied in both game theory and decision theory. It states that the viable strategy for a player is to stay on track of their initial plan if they already know their rival's strategy as long as all the other players in the game do not change their strategies. The Nash equilibrium is often compared with the dominant strategy which is also used in game theory. The dominant strategy states that a player's chosen strategy is the best strategy that will lead to great results regardless of the strategies employed by the opponents.

Mixed Strategy

A mixed strategy is a likelihood distribution that is used to make random choices among the actions available. This type of strategy is usually used to prevent the players' actions from being predictable. In decision-making theory, every player uses a mixed strategy, one that is perfectly suited for them against the strategies employed by other players.

Stochastic Models

Stochastic modeling uses random variables to predict the different probability outcomes under various outcomes. The outcomes forecasted by stochastic models account for some level of randomness. Companies depend on stochastic models to help them make informed investment decisions and to improve business practices. This type of modeling is the direct opposite of deterministic modeling that provides the same outcome for a distinct set of inputs regardless of the number of times you compute the model.