Nash Equilibrium Theory

Basic purpose of this lecture is to present on Nash Equilibrium Theory. Nash equilibrium strategies of the other players, and no player has anything to gain by changing only their 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. In a normal-form representation, each player simultaneously chooses a strategy, and the combination of strategies chosen by the players determines a payoff for each player.