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Nash Equilibrium
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Nash outlined a new paradigm for mathematical and economic thinkers with his pioneering use of Equilibrium Theory. He had been accepted to study in New Jersey from his native West Virginia on a Scholarship for (Pure) Mathematics, and worked briefly under the advice of Albert Einstein. Many of Nash's contemporaries refer to him as a (post)modern day 'genius' for his reformations to some of Adam Smith's views on Economics and when considering his more personal characteristics, including his unorthodox teaching and research procedures, and his past experiences with schizophrenia.
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The Nash equilibrium concept has become a benchmark by which economists and other scientists measure both rational behavior and the extent to which humans depart from pure rationality. Over the years, this concept has illuminated questions in economics, psychology, and even biology. In 1994, it earned Nash the Nobel prize in economics.
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For an example of what big business would look like without Nash Equilibriums look at the air line industry. Here markets stabilize and destabilize all the time. Small Equilibriums exist but they don't dominate. Here airlines use their profits to open new markets or get in fair wars trying to drive rivals out of business. Chaotic yes but every second or third spring there's a real drop in airfares that allow consumers to travel.
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Acording to this scientific article, leaving the toilet seat down is a Nash equilibrium. It ... states that it is not the most efficient way but this will likely be the norm since the model takes into consideration the argument between the cohabitants when one is not satisfied with the current toilet seat position.
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Nash Equilibrium