A Nash equilibrium i. is named after the Nobel prize winning economist, John Nash.
Ii. occurs when each player chooses the best strategy given the strategy of the other player.
Iii. must give the best possible outcome for each player.

Question

Quizplus · Accepted Answer

A Nash equilibrium is named after John Nash and occurs when each player chooses the best strategy given the strategy of the other player. It does not necessarily give the best possible outcome for each player.

A Nash Equilibrium I