Game theory is a branch of mathematics and economics that studies strategic interactions among rational decision-makers. Within game theory, several equilibrium concepts help analysts understand how players make decisions when they have conflicting interests. Here are some of the most significant equilibrium concepts: ### 1. Nash Equilibrium - **Definition**: A set of strategies (one for each player) is in Nash Equilibrium if no player can benefit by unilaterally changing their strategy, given the strategies of all other players.
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