Economic equilibrium and Game theory

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Difference between Economic equilibrium and Game theory

Economic equilibrium vs. Game theory

In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers".

Agent (economics)

In economics, an agent is an actor and more specifically a decision maker in a model of some aspect of the economy.

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Antoine Augustin Cournot

Antoine Augustin Cournot (28 August 180131 March 1877) was a French philosopher and mathematician who also contributed to the development of economics theory.

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Best response

In game theory, the best response is the strategy (or strategies) which produces the most favorable outcome for a player, taking other players' strategies as given. The concept of a best response is central to John Nash's best-known contribution, the Nash equilibrium, the point at which each player in a game has selected the best response (or one of the best responses) to the other players' strategies.

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Cournot competition

Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time.

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Evolutionarily stable strategy

An evolutionarily stable strategy (ESS) is a strategy which, if adopted by a population in a given environment, cannot be invaded by any alternative strategy that is initially rare.

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General equilibrium theory

In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.

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Nash equilibrium

In game theory, the Nash equilibrium, named after American mathematician John Forbes Nash Jr., is 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 their own strategy.

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