Friday

August 22, 2014

August 22, 2014

Posted by **G** on Friday, October 10, 2008 at 5:55am.

I have the following question:

Define Nash equilibrium. What is the Nash equilbrium for trade policy?

I can define the Nash equilbrium. The Nash equilibrium is a situation in which economic actors interacting with one another each choose their best strategy given the stategies that all the other actors have chosen.

I am not clear on the second part of the question. What is the Nash Equilbrium for trade? The book does not state a Nash equilibrium for trade polocy.

Since in trade there would be many actors. I am not sure how to answer this part to the question?

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