Definition for "Nash Equilibrium" in the Quantum Dictionary

- Social Sciences -

Economics & Business Dictionary

A microeconomic concept defining how agents make choices and how markets allocate resources under constraints. It specifies relationships among incentives, prices, quantities, and strategic behavior used to predict outcomes. It does not guarantee predictive accuracy without assumptions about preferences, technology, and information available to participants.

Humanities & Arts Dictionary

A profile of strategies in a strategic game such that each player's strategy is a best response to the other players' strategies: no single player can increase their payoff by unilaterally changing their own strategy given the others' choices.