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Rules, Strategies, Payoffs, and equilibrium a Economic situations are treated as games The rules of the game state who can do what and when they can do it a players strategy is a plan for actions in each possible situation in the game.9-6 Rules, Strategies, Payoffs, and Equilibrium ƒ Economic situations are treated as games. Economic situations are treated as games. • The rules of the game state who can do what, of the game state who can do what, and when they can do it. and when they can do it. • A player's A player's strategy strategy is a plan for actions in is a plan for actions in each possible situation in the game. each possible situation in the game
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