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What is Nash Equilibrium?
Nash Equilibrium is one of the most important assumptions related to game theory, or better to inform as a non-cooperative way. In this solution concept, there are two or more than two players get involved and no one gets any benefit or any gain as every player almost knows the strategy of the other and maintain it. If each member or someone changes his strategy, no one get benefits and all outcome remains the same, then this condition is known as Nash Equilibrium.
The chances of making strategies can be taken place by each player, but in case a player change strategy for his own benefit, then it will not remain as a Nash equilibrium. This concept is completely applied when a group makes a decision. You can take an example of various institutions or war and arms races. The outcome is very important for the players.
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