Can a game have more than one Nash equilibrium?
The normal-form table illustrates the concept of a saddlepoint, or entry, in a payoff matrix at which the expected gain of each participant (row or column) has the highest guaranteed payoff.
Yes, it is entirely possible for a game to have more than one Nash equilibrium.
In game theory, a Nash equilibrium represents a stable outcome where no player can improve their expected payoff by unilaterally changing their strategy. While some games result in a single equilibrium, others may feature multiple stable points depending on the players' interdependent decisions.1
A classic example of multiple equilibria is a coordination game where two friends want to see a movie together but disagree on the choice. If both individuals prefer seeing either movie together over seeing one alone, then both friends choosing the first movie is a Nash equilibrium, and both friends choosing the second movie is also a Nash equilibrium. In either scenario, neither person can switch their choice to the other film without resulting in a worse outcome for themselves.1
Furthermore, equilibria can be "pure," where a player consistently chooses one strategy, or "mixed," where a player employs a specific probability distribution across multiple strategies to prevent exploitation by opponents.1