Usage of Nash equilibrium.

J

Jeterion85

New member
Joined
Mar 6, 2020
Messages
13
What are the uses of Nash equilibrium in a game (how do i use it in a game)?
Does it predict how a game will end?
If so that happens when there are multiple equilibriums?
Thank you!
 
Jeterion85 said:
What are the uses of Nash equilibrium in a game (how do i use it in a game)?
Does it predict how a game will end?
If so that happens when there are multiple equilibriums?
Thank you!
Click to expand...
Have you used Google to investigate? If you did - what did you find?
 
Jeterion85 said:
[Nash Equilibrium] finds what the outcome of game will be
Click to expand...
I'm not comfortable with that definition, although that's exactly the first thing Google told me. To me, the prediction has more to do with how the Nash Equilibrium is used than with the definition of that specific equilibrium itself. (I don't know how much detail you're expected to provide.)

I'd like to suggest some other information, for you to consider. Perhaps, you can broaden that definition.

brilliant.org

Nash Equilibrium | Brilliant Math & Science Wiki

A Nash Equilibrium is a set of strategies that players act out, with the property that no player benefits from changing their strategy. Intuitively, this means that if any given player were told the strategies of all their opponents, they still would choose to retain their original strategy. For...
brilliant.org brilliant.org

www.quantamagazine.org

In Game Theory, No Clear Path to Equilibrium

John Nash’s notion of equilibrium is ubiquitous in economic theory, but a new study shows that it is often impossible to reach efficiently.
www.quantamagazine.org www.quantamagazine.org

Jeterion85 said:
Not really [finding examples].
Click to expand...
Look some more! Try googling keywords Nash Equilibrium "real life example". Here's one result.

www.quora.com

Can you explain the Nash Equilibrium with interesting real-life examples?

Answer (1 of 2): Thanks for the A2A Mohit Soni. Prisoner's dilemma has some really interesting cases: @Utilizing Prisoner’s Dilemma In Business And The Economy (KO,PEP) Here is another cool example(these are very simplified versions) : Determining traffic distribution from X to Y Say there ...
www.quora.com www.quora.com

?
 
So if get it right.

1) Nash equilibrium is a state of strategies where everyone is "happy" and does not want deviate from it.Its not the necessary outcome of a game

2) A game will reach (not necessarily) its Nash equilibrium after many rounds.

3) A use of Nash equilibrium is as a proposed set of strategies that will make each player "happy" but they will not necessarily take it.
 
What do you mean by "a state of strategies"?

The word "happy" is not a math description. What makes players happy?

Are you working on a school project? Is your class preparing to study Nash Equilibriums in depth?

[imath]\;[/imath]
 
Sorry about that!
I meant set of strategies(like player1 plays action1 , player2 plays action2 ,.... ).
By happy i meant like if i propose the Nash equilibrium to some players they will(maybe) agree to that solution.
 
Otis said:
Are you working on a school project? Is your class preparing to study Nash Equilibriums in depth?
Click to expand...
Answers please. Thank you! (I'm wondering how much detail you need, and why.)

?
 
We defined and use Nash Equilibrium and in many examples and exercises we try to find and i want to know what makes it special and what i gain from know it
 
Jeterion85 said:
We defined and use Nash Equilibrium [in class]…
Click to expand...
What definition did your class provide? What examples did you see in class?

It now seems to me that you've been asked to write a short essay describing what you've learned so far. Is that correct?

[imath]\;[/imath]
 
No its not about an essay i just want to know it !
The definition is in the book "An Introduction to Game Theory" by Martin J.Osborne

The examples we show in class where
Cournot, Bertrand markets (with 2 sellers)
Auction (First Price Sealed Bid Auction ,Second Price Sealed Bid Auction)
And we have talk about awesome auctions
 
You must log in or register to reply here.
Top