Dictionary

Glossary of game theory terms.

Equilibrium Refinement

An equilibrium refinement provides a way of selecting one or a few equilibria from among many in a game. Each refinement attempts to define some equilibria as "more likely," "more rational" or "more robust" to deviations by players than others. For example, if one equilibrium results in all players earning more than another, it may be more likely that the players will coordinate or be naturally drawn to it.

updated: 15 August 2005
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