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A standard example of a game analyzed in game theory that shows why two completely rational individuals might not cooperate, even if it appears that it is in their best interest to do so. It is structured such that cooperation is dominated by defecting for both players.

A strategy that is the best for a player, no matter what the strategies other players may choose. If one exists, it provides the same or a higher payoff for a player regardless of the opponents' actions.

A game where the total gain of the participants is always zero; the gain (or loss) of one participant is exactly balanced by the losses (or gains) of the other participant(s). Poker is an example of such a game.

A table that describes the payoffs in a strategic game for each possible combination of actions by the players. Each cell of the matrix represents the payoffs to each player for a particular set of strategies.

A situation in which no player can benefit by changing strategies while the other players keep theirs unchanged. Mathematically, a strategy profile $s^* = (s_1^*, s_2^*, ..., s_n^*)$ is a Nash Equilibrium if for all players $i$, $u_i(s^*) \geq u_i(s_i, s_{-i}^*)$ where $u_i$ is player $i$'s utility function and $s_{-i}^*$ represents the strategy profiles of all other players except $i$.

A strategy in which a player chooses different actions with specific probabilities. Mixed strategies are often used when there is no pure strategy Nash Equilibrium.

A two-player coordination game where players prefer different equilibria but also prefer to have their actions coordinated rather than not. This game typically has two Nash Equilibria of pure strategies and one mixed strategy equilibrium.

An equilibrium where the strategy chosen by each player is optimal at every point in the game. This concept is often used in the context of extensive games with a sequential structure to eliminate noncredible threats.

The strategy (or strategies) which produce the most favorable outcome for a player, taking other players' strategies as given. This concept is fundamental in the determination of Nash Equilibria.