Definition: A solution concept is a phrase relevant to game theory. A game has a 'solution' which may represent a
model's prediction. The modeler often must choose one of several substantively different solution methods, or solution concepts, which can lead to different game outcomes. Often one is chosen because it leads to a unique prediction. Possible solution concepts include:
- iterative elimination of strictly dominated strategies
- Nash equilibrium
- Subgame perfect equilibrium
- Perfect Bayesian equilibrium
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