Nash Equilibrium

Game TheoryDecision MakingStrategy

Nash Equilibrium occurs when players in a game choose strategies that no one benefits from changing unilaterally.

Introduction

Nash Equilibrium occurs when players in a game choose strategies that no one benefits from changing unilaterally.

Core Principles

  1. Strategic Stability: No incentive for individual deviation.
  2. Mutual Best Response: Players' strategies complement each other.
  3. Practical Analysis: Applied to predict outcomes in competitive scenarios.

Applications

  • Market analysis for pricing strategies.
  • Negotiation dynamics for stable agreements.

Related Resources

  • Book: "A Beautiful Mind" by Sylvia Nasar.
  • Tools: Game theory simulation software.

Related Topics

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