Understanding Nash Equilibrium in Game Theory

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Questions and Answers

What is the Nash equilibrium in game theory?

A solution where players are assumed to be unaware of each other's strategies
A solution in a cooperative game involving two or more players
A solution where each player can increase their expected payoff by changing their strategy
A solution where no player has anything to gain by changing only their own strategy (correct)

What does it mean for a strategy choice to constitute a Nash equilibrium?

Players are unaware of each other's strategies
No player can increase their expected payoff by changing only their own strategy (correct)
Each player can maximize their payoff by changing their strategy
It only applies to finite games

Who is the mathematician after whom the Nash equilibrium is named?

Alice
John Nash (correct)
John Cournot
Bob

When is (A, B) considered a Nash equilibrium for Alice and Bob's strategies?

<p>When Alice has no other strategy available that does better than A at maximizing her payoff in response to Bob choosing B (C)</p> Signup and view all the answers