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Nash Equilibrium

Definition: In game theory, Nash equilibrium is a concept that describes a stable state in a game where no player has an incentive to change their strategy, given the strategies of the other players. It represents a situation in which no player can improve their outcome by unilaterally changing their strategy.

Senses:

1. Game Theory: The mathematical concept that identifies a set of strategies in a game where no player can benefit by changing their strategy if the strategies of others remain unchanged.

Example Sentences:

Sense 1: Game Theory

1. The prisoner's dilemma is a classic example of a game without a Nash equilibrium.
2. Strategic interactions among firms often revolve around finding the Nash equilibrium.
3. By analyzing the payoffs and strategies, we can determine the Nash equilibrium of this particular game.

Related Products:

• Books on Nash Equilibrium
• Games Theory Books
• Books on Strategic Thinking