from book Game Theory and Its Applications (pp.143-168)

Solutions Based on Characteristic FunctionsCharacteristic function

Chapter · September 2016with 2 Reads
In the cases of noncooperative games the players cannot or do not want to make binding agreements, so they select strategies independently of each other, and receive the corresponding payoffs. The Nash equilibrium does not need agreement between the players, since at an equilibrium situation the interest of each player is to keep the equilibrium strategy, otherwise his payoff decreases. Each player considers his own selfish interest without any consideration to the other players. A simple example illustrates, the players can be able to increase their payoffs by cooperation.

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