Econ 11.2
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A situation in which each firm chooses the best strategy given the strategies chosen by other firms is called a
Nash equillibrium
Which of the following is true of a Nash equilibrium?
No player can improve his payoff by changing his strategy once in Nash equilibrium.
A game in which each player adopts its dominant strategy
could result in a Nash equilibrium.
A Nash equilibrium occurs if ________.
each player chooses strategies that are mutual best responses
A Nash equilibrium is
reached when each player chooses the best strategy for himself, given the other strategies chosen by the other players in the group.
