Nash Equilibrium is the perennial theme we have studied in this class. It is central to our analysis of games and indispensable to a game theorist’s toolkit. However, Nash Equilibrium may not always provide us with a “satisfactory” solution. In a short essay response (4-6 paragraphs), explain why this could be the case, i.e., Nash Equilibrium not yielding a satisfactory solution. Also, explain three refinements to the concept of Nash Equilibrium that are used to bolster its effectiveness.
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