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A situation in a strategic game where no player can benefit from changing their strategy while the other players' strategies remain the same. Often used to predict the outcome of strategic interactions.

Presents games by specifying the players, strategies, and payoffs in a matrix form, suitable for simultaneous-move, one-shot games.

A table that describes the payoffs in a strategic game, based on the strategies chosen by the players. Central tool for analyzing normal-form games.

A situation in which one participant's gain or loss is exactly balanced by the losses or gains of the other participants. These games are often used in game theory to model competitive situations.

A refinement of Nash Equilibrium applicable to extensive-form games, where the strategy chosen provides a Nash Equilibrium in every subgame.

A standard game that is played more than once. Repeated games allow strategies based on history, enabling cooperation in scenarios where it might not occur in a single-play game.

Represents games with a tree showing how it unfolds over time, detailing the order of moves, players’ choices, and payoffs. Useful for analyzing sequential decision-making.

A strategy that is the best for a player, regardless of what strategies other players use. This concept simplifies strategy choice in games.

A player's decision to choose a particular strategy with a certain probability. It is especially useful when no pure strategy Nash equilibrium exists.

A state where it is impossible to make any one individual better off without making at least one individual worse off. Commonly used in welfare economics and game theory.

In zero-sum games, the minimax theorem guarantees that there exists a strategy pair (minimizing the possible loss for a worst case scenario) that is a Nash equilibrium. Used in decision-making under uncertainty.

A strategy that cannot be invaded by any alternative strategy if it is adopted by a population. ESS is used in biology to predict the outcome of evolution under certain conditions.

A strategy that yields the highest payoff given the strategies selected by other players. Finding best responses is key in determining Nash equilibria.

A field related to game theory which focuses on designing systems or institutions that align individual incentives with overall social welfare. Often referred to as 'reverse game theory'.