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    Question

    A solution concept of a non-cooperative game involving

    two or more players in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only his own strategy, is known as?
    A The Game Theory Correct Answer Incorrect Answer
    B Nash Equilibrium Correct Answer Incorrect Answer
    C Bayesian Equilibrium Correct Answer Incorrect Answer
    D The Equilibrium Concept Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Nash Equilibrium is a stable state of a system involving the interaction of different participants, in which no participant can gain by a unilateral change of strategy if the strategies of the others remain unchanged. The Nash equilibrium is one of the foundational concepts in Game Theory. 

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