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What is a Nash Equilibrium? (Draft)
A Nash equilibrium arises in a strategic game, whereby each player knows the strategies of every other player and given this information decides her own strategy to maximize her gain whilst playing the game. If any one player were to defect from the set of strategies, the equilibrium was not a Nash equilibrium to begin with. Once all defects have occurred, the result will be the real Nash equilibrium. This paper identifies some behavioral anomalies and the implications for the concept of a Nash equilibrium.Â
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