The Nash equilibrium is
A)a pair of strategies,one for each player ,in which player A's strategy is the best response while player B's is not
B)a pair of strategies,one for each player ,in which player B's strategy is the best response while player A's is not
C)a pair of strategies,one for each player,in which each player's strategy is the best response to the other's
D)a pair of strategies,one for each player,in which neither strategy is a best response

Question

​The Nash equilibrium is
A)​a pair of strategies,one for each player ,in which player A's strategy is the best response while player B's is not
B)a pair of strategies,one for each player ,in which player B's strategy is the best response while player A's is not
C)a pair of strategies,one for each player,in which each player's strategy is the best response to the other's
D)​a pair of strategies,one for each player,in which neither strategy is a best response

Quizplus · Accepted Answer

The definition of Nash equilibrium is that it is a pair of strategies, one for each player, in which each player's strategy is the best response to the other's. Therefore, option C is the correct choice. Option A describes a dominated strategy, option B describes the reverse situation, and option D describes a non-equilibrium outcome.

​The Nash Equilibrium Is

The Nash Equilibrium Is