Best replying, to yourself and others
Axel Bernergård
Abstract
Axel Bernergård
Abstract
Nash proposed an interpretation of mixed strategies as the average pure-strategy play of a population of players randomly matched to play a normal-form game. If populations are finite, some equilibria of the underlying game have no such corresponding “mass-action” equilibrium. We show that for mixed strategy equilibria of 2 × 2 games, the requirement of such a correspondence is equivalent to neutral evolutionary stability.
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Nash proposed an interpretation of mixed strategies as the average pure-strategy play of a population of players randomly matched to play a normal-form game. If populations are finite, some equilibria of the underlying game have no such corresponding “mass-action” equilibrium. We show that for mixed strategy equilibria of 2 × 2 games, the requirement of such a correspondence is equivalent to neutral evolutionary stability.
Key concepts: Nash equilibrium, Mathematical economics, Best response, Evolutionarily stable strategy, Strategy, Interpretation (philosophy), Action (physics), Stability (learning theory)