A Nash equilibrium is a set of strategies, one for each player, such that no player can unilaterally improve their outcome by changing their strategy while the other players keep their strategies unchanged.

John Nash developed the concept of Nash equilibrium in his seminal paper, 'Non-Cooperative Games', published in 1951.

Game theory is a branch of mathematics that studies strategic decision-making in situations where multiple players interact.

A dominant strategy is a strategy that is always the best response to the strategies of the other players, regardless of what those strategies are. A Nash equilibrium may or may not involve dominant strategies.

The Nash equilibrium concept is a general solution concept that can be applied to any game with multiple players.

In the Prisoner's Dilemma, the Nash equilibrium is for both players to defect.

In the Battle of the Sexes, the Nash equilibrium is for each player to choose the activity that they prefer, regardless of what the other player chooses.

In the Bertrand duopoly model, the Nash equilibrium is for both firms to charge the marginal cost of production.

The Nash equilibrium concept is a powerful tool for analyzing a wide range of economic phenomena.

The Nash equilibrium concept has been criticized for being too static and for ignoring the possibility of cooperation. However, it remains a valuable tool for analyzing games with multiple players.

In a game of chicken, both players swerve to avoid a collision because it is the best response to the other player's strategy.

In a game of prisoner's dilemma, the Nash equilibrium is for both players to defect, not cooperate.

The Nash equilibrium concept is a general solution concept that can be applied to any game with multiple players.

John Nash developed the concept of Nash equilibrium in his seminal paper, 'Non-Cooperative Games', published in 1951.

The Nash equilibrium concept has been criticized for being too static and for ignoring the possibility of cooperation. However, it remains a valuable tool for analyzing games with multiple players.