On Voluntariness of Nash Equilibrium

The paper deals with pure strategy equilibria of bi-matrix games. It is argued that the set of Nash equilibria can contain voluntary as well as involuntary outcomes. Only the former are indicative of consistent expectations. In the context of repeated play with incomplete information, simulations show that involuntary equilibria tend to occur more frequently than voluntary equilibria. Consequences in econometric practice and philosophical implications are briefly hinted at.