Mixed strategy equilibrium

A mixed strategy equilibrium occurs in a game when players randomize their choices, assigning certain probabilities to different options, so that no player can improve their outcome by changing their own strategy unilaterally. Essentially, each player chooses their actions in a way that makes the other players indifferent about their choices. This balance ensures that all players are maximizing their expected benefits given the strategies of others, leading to a stable state where no one has an incentive to change their approach. It's a strategic way for players to manage uncertainty and unpredictability in competitive situations.