The American Paradox Nash Analysis

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The American Paradox Nash Analysis

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The American Paradox: Part 6

Generally, a paradox is something that shows some contradictory qualities. According to Morgan, American paradox means that both slavery and freedom were used simultaneously in the American colonial history Morgan 5. Morgan ascertained that the democracy and freedom of the Americans mainly found their roots in the establishment of the American slavery. He also argued that constituents of American paradox stemmed from democracy and slavery, which existed in colonial Chesapeake Morgan American paradox is historically significant since it puts into consideration how both the economic conditions and social situations in Chesapeake resulted into democracy and slavery.

Significantly, the American paradox made many historians and American scholars to begin having some interest in studying the foundation of liberty, rise of liberty, and often ordinary men and women were challenged by historians for nearly two decades about tracing racism, exploitation and oppression history. In fact, the American is historically significant in the sense that it prompts scholars across the world to examine and unearth those historical issues on freedom and slavery, which colonial historians previously were never intending to do, especially the role that was played by slavery in the early historical development. This was a rather worrying trend since the American population who suffered the effects of slavery constituted one-fifth of the entire population of the country, a figure that was too significant to be ignored in the revolution, and could not just be regarded as a mere exception.

It is through such detailed historical examination that scholars were able to form critiques on the old historical accounts and interpretations. Arguably, elements of oppression and slavery were dominant features in the American history, an idea that is well supported by the American paradox. However, equality and liberty could not be advanced because the masses were fastened with chains of slavery, and to avoid addressing issues of equality and liberty in the American history to be merely baseless, did not only show how hard facts were ignored, but evading the problems that the facts addressed Morgan The American equality and liberty never rose alone, but were accompanied by slavery, and the two contradicting developments took place in the American history for nearly two centuries, that is, between 17 th century and 19 th century Beth Essentially, these centuries were crucial in the history of American paradox, and from the analysis it can be ascertained that modern historians and scholars hold a different view from that of colonial historians.

The colonial historians ignored the plight of the one-fifth Americans who were subjected to the effects of slavery and regarded their numbers as insignificant. However, modern historians examined the issue and held a different view that dignity and liberty could hardly be attained by the Americans who were exposed to a system of slavery that denied them human dignity and freedom.

Beth, Mary. A People and a Nation, Brief 9th Ed. Morgan, Edmund. Myers, David. The American Paradox. Outcome A represents a Nash equilibrium. The prisoner's dilemma is a common situation analyzed in game theory that can employ the Nash equilibrium. In this game, two criminals are arrested and each is held in solitary confinement with no means of communicating with the other. The prosecutors do not have the evidence to convict the pair, so they offer each prisoner the opportunity to either betray the other by testifying that the other committed the crime or cooperate by remaining silent. If both prisoners betray each other, each serves five years in prison.

If A betrays B but B remains silent, prisoner A is set free and prisoner B serves 10 years in prison or vice versa. If each remains silent, then each serves just one year in prison. The Nash equilibrium in this example is for both players to betray each other. Even though mutual cooperation leads to a better outcome if one prisoner chooses mutual cooperation and the other does not, one prisoner's outcome is worse. Nash equilibrium in game theory is a situation in which a player will continue with their chosen strategy, having no incentive to deviate from it, after taking into consideration the opponent's strategy.

To find the Nash equilibrium in a game, one would have to model out each of the possible scenarios to determine the results and then choose what the optimal strategy would be. In a two-person game, this would take into consideration the possible strategies that both players could choose. If neither player changes their strategy knowing all of the information, a Nash equilibrium has occurred. Nash equilibrium is important because it helps a player determine the best payoff in a situation based not only on their decisions but also on the decisions of other parties involved.

Nash equilibrium can be utilized in many facets of life, from business strategies to selling a house to war, and social sciences. There is not a specific formula to calculate the Nash equilibrium, but rather it can be determined by modeling out different scenarios within a given game to determine the payoff of each strategy and which would be the optimal strategy to choose. The primary limitation of the Nash equilibrium is that it requires an individual to know their opponent's strategy. A Nash equilibrium can only occur if a player chooses to remain with their current strategy if they know their opponent's strategy. In most cases, such as in war, whether that be a military war or a bidding war, an individual rarely knows the opponent's strategy or what they want the outcome to be.

Unlike dominant strategy, the Nash equilibrium doesn't always lead to the most optimal outcome, it just means that an individual chooses the best strategy based on the information they have. Furthermore, in multiple games played with the same opponents, the Nash equilibrium does not take into consideration past behavior, which often predicts future behavior. The Nash equilibrium is a component of game theory that asserts that a player will continue with their chosen strategy while knowing their opponent's strategy as they have no incentive to change course.

The Nash equilibrium can be applied in a variety of real-life situations in determining what the best payoff in a scenario will be based on your decisions as well as your opponent's decisions. Behavioral Economics. Your Money. Personal Finance. Your Practice. Popular Courses. Trading Trading Strategies. Table of Contents Expand. What Is Nash Equilibrium? Understanding Nash Equilibrium. Nash Equilibrium vs. Dominant Strategy.

Example of Nash Equilibrium. Special Considerations. Nash Equilibrium FAQs. Key Takeaways The Nash equilibrium is a decision-making theorem within game theory that states a player can achieve the desired outcome by not deviating from their initial strategy. In the Nash equilibrium, each player's strategy is optimal when considering the decisions of other players. Every player wins because everyone gets the outcome they desire.

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