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International Journal of Game Theory

, Volume 7, Issue 2, pp 73–80 | Cite as

Refinements of the Nash equilibrium concept

  • R. B. Myerson
Papers

Abstract

Selten's concept of perfect equilibrium for normal form games is reviewed, and a new concept of proper equilibrium is defined. It is shown that the proper equilibria form a nonempty subset of the perfect equilibria, which in turn form a subset of the Nash equilibria. An example is given to show that these inclusions may be strict.

Keywords

Nash Equilibrium Normal Form Economic Theory Game Theory Nonempty Subset 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

  1. Kakutani, S.: A Generalization of Brouwer's Fixed Point Theorem. Duke Mathematical Journal8, 1941, 457–459.Google Scholar
  2. Nash, J.F.: Non-Cooperative Games. Annals of Mathematics54, 1951, 286–295.Google Scholar
  3. Selten, R.: Reexamination of the Perfectness Concept for Equilibrium Points in Extensive Games. International Journal of Game Theory4, 1975, 25–55.Google Scholar

Copyright information

© Physica-Verlag 1978

Authors and Affiliations

  • R. B. Myerson
    • 1
  1. 1.Graduate School of ManagementNorthwestern UniversityEvanstonUSA

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