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EconPapers: Steven Levitt (February 24, 2004)

Posted 8:26 a.m., March 2, 2004 (#15) - AMBA (homepage)
Nash Equilibrium (information taken from homepage):
-The hallmark of strategic interaction is interdependent payoff functions, i.e. my profits depend on what my rivals do. Game theory has made great strides in characterizing the outcomes of strategic interaction. A game's outcome is likely to be the Nash Equilibrium of the game.
-Nash equilibrium is an outcome (sometimes unique, sometimes not) in which every player is acting optimally, rationally, and in their own self interest. To check to see if a given outcome is a Nash Equilibrium, check to see that no player can unilaterally do better by changing their strategy.

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