An Imperfect Equilibrium

The Nash equilibrium is a kind of optimal strategy for games involving two or more players. If there is a set of strategies for a game with the property that no player can benefit by changing his strategy while the other players keep their strategies unchanged, then that set of strategies and the corresponding payoffs constitute a Nash equilibrium. Players will choose the strategies that form the equilibrium if it is played among completely rational players ...

And therein lies the rub ... (From Wikipedia)

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An Imperfect Equilibrium

Not with a bang but a whimper Friday, May 06, 2005 12:12 AM
This is the way the world ends
This is the way the world ends
This is the way the world ends
Not with a bang but a whimper.
 TS Eliot, The Hollow Men
 
I've been reading Shutterbug Magazine since I started shooting -- since I was a teenager, in other words.  The latest issue showed up the other day; the annual extravaganza covering the Photo Marketing Association's annual camera show.
 
The issue is always divided into sections: Large Format Cameras, Medium Format Cameras, and so forth.  This issue had something new: the section on 35mm SLRs simply said that for the first time in the history of the PMA, not a single 35mm SLR was introduced.
 
But if you go back into Shutterbug's archives, you'll see that as late as three years ago the magazine was still running "Should you go digital?" articles, and the PMA issue was so jammed with 35mm SLRs that coverage was limited to one entry per manufacturer.
 
But this is the way the revolution ends.  A decade after all the "Will digital kill film?" angry debates, things just fade with hardly a murmer.  Meanwhile, the classic camera companies are dying.  Contax cameras have been discontinued.  And PMA was rife with rumors that Leica had lost its line of credit, and whether that would mean the end of the company that invented 35mm.
 
Meanwhile, a decade after all of the sturm und drang over whether new media would mean the end of newspapers, the floors are quietly being covered in blood:
 
* Newspapers are so battered by search advertising that some have taken to acting as ad agents for their competition in an attempt to pick up some revenue, according to = The New York Times.
 
* There was a small flurry of articles on yet another round of depressing circulation figures.  The bottom line: a 1.9 percent drop over the last six months, continuing a steady decline since 1987.  The  Wall Street Journal had a pretty nice analysis.
 
* Meanwhile, Internet advertising in 2004  surpassed the highs from the dot com boom, and is expected to grow this year by an additional third -- mostly at the expense of traditional media.
 
* Finally, take a look at  Morgan Stanley's overview of the advertising market.  Be sure to have a soft place to fall down when you look at the slides comparing things like EBay vs. all US Newspaper Classifieds.
 
Do a little reading, and we'll talk about What It All Means -- hopefully tomorrow.
 
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