A Nash equilibrium is just a pair of strategies whose use results in a cell in which both payoffs are circled. More generally, a Nash equilibrium occurs when all the players are simultaneously making a best reply to the strategy choices of the others.
Game theory provides insights into the dynamics of human behavior in situations of conflict, cooperation, and negotiation.
In games of coordination, players' interests are perfectly aligned, but they must still find a way to synchronize their actions.
Cooperation becomes easier if the game will be repeated many times, as players can establish reputations for cooperation.
To do well in a game, it is not enough to know your own payoffs. You must also try to anticipate the payoffs that your rivals will get if they adopt different strategies.
Booksense times your sessions, tells you how long a book actually takes you, and pins every note to the page it came from. Free on iOS.
