The Golden Revolution, Revisited: Chapter 10

by John Butler
Gold Money

This Insight continues the serial publication of the new, Revisited edition of my book, The Golden Revolution (John Wiley and Sons, 2012). (The first instalment can be found here.) The book is being published by Goldmoney and will also appear as a special series of Goldmoney Insights over the coming months. This instalment comprises the fifth chapter of Section II.

[…] An Unstable Equilibrium

“A Nash equilibrium is defined as a strategy combination with the property that every player’s strategy is a best reply to the other players’ strategies. This of course is true also for Nash equilibria in mixed strategies. But in the latter case, besides his mixed equilibrium strategy, each player will also have infinitely many alternative strategies that are his best replies to the other players’ strategies. This will make such equilibria potentially unstable.”

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