Define the Term Nash Equilibrium

question 61

Essay

Define the term Nash equilibrium.In general,what can be claimed about the existence,uniqueness,and Pareto optimality of Nash equilibria? Support your answers with appropriate examples.

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Definitions:

Income

Money received, especially on a regular basis, for work or through investments.

Goods

Physical items that are produced for sale or use, ranging from commodities and raw materials to finished products.

Brokers

Individuals or entities that act as intermediaries between buyers and sellers in various transactions, often in markets such as real estate, stocks, or insurance.

Intermediation Revenue Model

A business model where a company earns revenue by acting as an intermediary between two or more parties in a transaction.