Consider the ordered non-Archimedean field $ \mathbb{R}(t)$, the field of rational function. My question is:
$ \text{Does the above non-Archimedean but ordered field satify Nested interval property?} $
Answer: The field of rational function $\mathbb{R}(t)$ is expressed as
$ \mathbb{R}(t)=\left\{\frac{p(t)}{q(t)}: p(t), q(t) \in \mathbb{R}[t], \ q(t) \neq 0 \right\}$
This field is totally ordered field but non-Archimedean. How to conclude about Nested interval property?
A totally ordered field $\Bbb F$ is said to have the Nested interval property if every decreasing sequence of closed and bounded intervals in $\Bbb F$ has a nonempty intersection.
Proof 1: Let's consider the order in $\mathbb{R}(t)$ such that $0<t<a$ for every $a\in\mathbb{R}^+$. Then the closed intervals $[-x^n,x^n]$ ($n\in\mathbb{N}$) form a nest with intersection $\{0\}$. Notice that the formal power series $f(t)=\sum_{i=1}^\infty t^{i^2}$ is not in $\mathbb{R}(t)$ but the partial sums $s_n(t)=\sum_{i=1}^n t^{i^2}\in \mathbb{R}(t)$ converges to $f(t)$ in $\mathbb{R}((t))$ (proofs of these statements here).
Now consider the nest formed by intervals of the form $I_n=s_n(t)+[-x^{n^2},x^{n^2}]$ for $n\in\mathbb{N}$. Notice that $I_{n+1}\subset I_n$. If these intervals are considered in $\mathbb{R}((t))$ then its intersection will be $\{f(t)\}$. Therefore, if this nest is considered in $\mathbb{R}(t)$, then its intersection is empty.
Proof 2: When an ordered field satisfies the Nested interval property, then it is Cauchy-complete i.e. every Cauchy sequence is convergent in the order topology.
In fact, an ordered field is Cauchy complete whenever every nest of intervals with diameters tending to $0$ has nonempty intersection.
Notice that the field $\mathbb{R}((t))$ is the completion of $\mathbb{R}(t)$. Since $\mathbb{R}(t)$ is not Cauchy complete, it cannot satisfy the Nested interval property.