Definitions for nash equilibrium
This page provides all possible meanings and translations of the word nash equilibrium
(game theory) a stable state of a system that involves several interacting participants in which no participant can gain by a change of strategy as long as all the other participants remain unchanged
The set of choices of players' strategies for which no player can benefit by changing his or her strategy assuming that the other players keep theirs unchanged.
Origin: Named after the American mathematician
In game theory, the Nash equilibrium is a solution concept of a non-cooperative game involving two or more players, in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only his own strategy unilaterally. If each player has chosen a strategy and no player can benefit by changing strategies while the other players keep theirs unchanged, then the current set of strategy choices and the corresponding payoffs constitute a Nash equilibrium. Stated simply, Amy and Wili are in Nash equilibrium if Amy is making the best decision she can, taking into account Wili's decision, and Wili is making the best decision he can, taking into account Amy's decision. Likewise, a group of players are in Nash equilibrium if each one is making the best decision that he or she can, taking into account the decisions of the others.
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"nash equilibrium." Definitions.net. STANDS4 LLC, 2014. Web. 25 Oct. 2014. <http://www.definitions.net/definition/nash equilibrium>.