What are the limits of Nash Equilibrium in game theory?
An example of an AI chatbot conversation about the limits of Nash Equilibrium in game theory.
What are the limits of Nash Equilibrium in game theory?
Nash Equilibrium has several limits, such as not accounting for dynamic strategies or cooperation.
Can you explain how it fails in dynamic games?
In dynamic games, players may change strategies over time, leading to multiple equilibria or none at all.
What about in cooperative games?
In cooperative games, Nash Equilibrium doesn't capture the benefits of binding agreements or coalitions.
Are there any real-world examples where it doesn't apply?
Yes, in markets with collusion or when players can communicate, Nash Equilibrium may not predict outcomes accurately.
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