Per Wikipedia, it’s called a “folk theorem” because there was a substantial period of time when most people in the field were aware of it but it hadn’t been formally published. It’s still an “actual” theorem.
It doesn’t say this outcome WILL or SHOULD happen; it just says there exists some Nash equilibrium where it happens.
Per Wikipedia, it’s called a “folk theorem” because there was a substantial period of time when most people in the field were aware of it but it hadn’t been formally published. It’s still an “actual” theorem.
It doesn’t say this outcome WILL or SHOULD happen; it just says there exists some Nash equilibrium where it happens.