An equilibrium in game theory in which each player's action or strategy is optimal given the actions or strategies of the other players. E.g., in a tariff-and-retaliation game, with each country able to improve itsterms of trade with a tariff, zero tariffs are not Nash, since each can do better by raising its tariff. A Nash equilibrium, with positive tariffs, is likely to be inferior to free trade for both.
Related information about Nash equilibrium:
- Nash equilibrium - Wikipedia, the free encyclopedia
In game theory, the Nash equilibrium is a solution concept of a non-cooperative game involving two or more players, in which each player is assumed to know ...
- Nash Equilibrium
The maximin strategy is a "rational" solution to all two-person zero come games. However, it is not a solution for nonconstant sum games. The difficulty is that ...
- Nash Equilibrium - Game Theory .net
Aug 15, 2005 ... A Nash equilibrium, named after John Nash, is a set of strategies, one for each player, such that no player has incentive to unilaterally change ...
- Nash Equilibrium Definition | Investopedia
A concept of game theory where the optimal outcome of a game is one where no player has an incentive to deviate from his or her chosen strategy after ...
- Nash Equilibrium -- from Wolfram MathWorld
A Nash equilibrium of a strategic game is a profile of strategies (s_1^*,...,s_n^*) , where s_i^* ... Another way to state the Nash equilibrium condition is that s_i^* ...
- NASH EQUILIBRIUM - Columbia University
tors and despots (e.g., Adolf Hitler, Joseph Stalin), have been described as narcissistic. In addition narcissism has been examined as a potential factor in ...
- The Nash equilibrium: A perspective - Department of Economics ...
This notion, now called the ''Nash equilibrium,'' has been widely applied and adapted in ... Indeed, game theory, with the Nash equilibrium as its centerpiece, ...
- Nash Equilibrium | Yale Economics Lecture
Yale Professor Benjamin Polak lecture on Nash Equilibrium. We first define formally the new concept from last time: Nash equilibrium. Then we discuss why we ...