Which of the following statements is not correct? : a) A Cournot equilibrium is an example...
Which of the following statements is not correct?
: a) A Cournot equilibrium is an example of a Nash equilibrium
b) There may not be a Nash equilibrium in pure strategies
c) A Nash equilibrium maximizes the aggregate payoffs of the players of the game
d) A Nash equilibrium is a situation in which each player chooses their best strategy given the strategies chosen by the other players in the game
Homework Answers
Answer
d) A Nash equilibrium is a situation in which each player chooses their best strategy given the strategies chosen by the other players in the game
In a Nash equilibrium players choose the best strategy for itself taking into consideration that other players in the game will make a logical decision. Thus , when a Nash equilibrium is reached no player would change their decision.
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