There is the Pareto Optimal solution (aka 'efficient')
There is the social welfare solution:
There is the maxmin strategy:
And, there is everyone's favorite, the Nash equilibrium:
Monday, February 11, 2013
Game Theory Solution Concepts
What is the 'correct' solution to a strategic-form game? Well, there are many viable solution concepts.
There is the Pareto Optimal solution (aka 'efficient')
There is the social welfare solution:
There is the maxmin strategy:
And, there is everyone's favorite, the Nash equilibrium:
There is the Pareto Optimal solution (aka 'efficient')
There is the social welfare solution:
There is the maxmin strategy:
And, there is everyone's favorite, the Nash equilibrium:
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