A Nash Equilibrium is the equilibrium of a game in which; Both players get the largest payoff amountBoth players get the best payoff independent of what the other players choices areBoth player, with the knowledge of what the other players possible moves are, do not have incentive to deviate from their strategyThere is incomplete information of the game and each player makes the move that is best for them and their payoff outcome

In the mentioned question we have been asked about the nash equilibrium.

Answered: A Nash Equilibrium is the equilibrium…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A Nash Equilibrium is the equilibrium of a game in which;

Both players get the largest payoff amount
Both players get the best payoff independent of what the other players choices are
Both player, with the knowledge of what the other players possible moves are, do not have incentive to deviate from their strategy
There is incomplete information of the game and each player makes the move that is best for them and their payoff outcome

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