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Introduction

In: Existence and Stability of Nash Equilibrium

Author

Listed:
  • Guilherme Carmona

    (University of Cambridge, UK and Universidade Nova de Lisboa, Portugal)

Abstract

Game 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…

Suggested Citation

  • Guilherme Carmona, 2013. "Introduction," World Scientific Book Chapters, in: Existence and Stability of Nash Equilibrium, chapter 1, pages 1-2, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814390668_0001
    as

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