Search results
Results from the WOW.Com Content Network
For instance if a player prefers "Yes", then that set of strategies is not a Nash equilibrium. But if every player prefers not to switch (or is indifferent between switching and not) then the strategy profile is a Nash equilibrium. Thus, each strategy in a Nash equilibrium is a best response to the other players' strategies in that equilibrium ...
The mixed strategy Nash equilibrium is inefficient: the players will miscoordinate with probability 13/25, leaving each player with an expected return of 6/5 (less than the payoff of 2 from each's less favored pure strategy equilibrium). It remains unclear how expectations would form that would result in a particular equilibrium being played out.
Strategies per player: In a game each player chooses from a set of possible actions, known as pure strategies. If the number is the same for all players, it is listed here. Number of pure strategy Nash equilibria: A Nash equilibrium is a set of strategies which represents mutual best responses to the other strategies. In other words, if every ...
Grosskopf and Nagel's investigation also revealed that most players do not choose 0 the first time they play this game. Instead, they realise that 0 is the Nash Equilibrium after some repetitions. [14] A study by Nagel reported an average initial choice of around 36. This corresponds to approximately two levels of k-level reasoning. [15]
Figure 7 - Reaction correspondence for 2x2 coordination games. Nash equilibria are at points where the two players' correspondences cross. The pure Nash equilibria are the points in the bottom left and top right corners of the strategy space, while the mixed Nash equilibrium lies in the middle, at the intersection of the dashed lines.
A Pure Strategy determines all your possible moves in a game, it is a complete plan for a player in a given game. Mixed strategies are those in which players randomize strategies in their best responses set. These have associated probabilities with each set of strategies. [10] For simultaneous games, players will typically select mixed ...
In other words, in the pricing competition game, the only Nash equilibrium is inefficient (for gas stations) that both charge p = c. This is more of a rule than an exception: in a staged game, the Nash equilibrium is the only result that an agent can consistently acquire in an interaction, and it is usually inefficient for them.
The potential function is a useful tool to analyze equilibrium properties of games, since the incentives of all players are mapped into one function, and the set of pure Nash equilibria can be found by locating the local optima of the potential function. Convergence and finite-time convergence of an iterated game towards a Nash equilibrium can ...