 IntroductionChapter 1 in Existence and Stability of Nash Equilibrium, 2013, pp 1-2 from World Scientific Publishing Co. Pte. Ltd. Abstract: AbstractGame theory studies situations characterized by strategic interaction of several individuals, arising when the well-being of at least one individual depends on what other individuals may do. The analysis of such situations takes two steps. First, they are formally described by a game, which, when represented in normal form, is a list of players (the individuals), strategies (what these individuals can choose), and payoffs (representing the well-being of individuals associated with different strategies). Second, to the game describing the situation being analyzed, a solution concept is applied to identify strategies with special properties. The interpretation of the resulting equilibrium strategies is that they form reasonable predictions for the problem being studied. Thus, the existence of an equilibrium means that there is at least one reasonable prediction for the problem in hand, and this justifies the importance that the question of existence of equilibrium has historically received… Keywords: Nash Equilibrium; Existence; Stability; Discontinuous Games (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789814390668_0001 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd. |
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