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What is Nash Equilibrium?
It is a game theory where the participants may be two or more than two players, but they play with their own strategy. The opponent’s strategy is very much important and thus there is no loss and gain for the individual participants. The condition and the theory belong to microeconomics and thus very much important for players as there may be many Nash equilibria or none. Simply there is any particular strategy of each player can be seen but only one strategy of equilibrium should be followed and the important thing is, there is no increment from its beneficial side.
There are many factors and some specific theory on which graphical representation and related equilibrium can easily be represented. John Nash, the inventor of Nash equilibrium states the theory of this game. Wardrop’s Principle or traffic flow, auction theory and many others for student to get an exact knowledge you are looking for. It is not quite easy to understand every concept and terms related to it.
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